$19.6M Shift Ahead of Investor Dinner—TRUMP Token Faces Heat

A new report by Lookonchain has revealed that almost $19.6 million worth of $TRUMP tokens were deposited to major centralized exchanges on April 29.

According to the report, around 700,000 $TRUMP tokens, valued at approximately $10.21 million at the time, were credited to a Binance account. Additionally, approximately 350,000 $TRUMP tokens, worth about $5.2 million, were deposited to an OKX account, and 296,000 $TRUMP tokens, with a total value of roughly $4.2 million, were transferred to a Bybit account.

The report also noted that these deposits were made from wallets associated with the $TRUMP project.

These deposits come as the $TRUMP token has seen a significant price surge in recent weeks. The token's price rose from a low of $6.88 on April 1 to a high of $16.44 on May 10. This surge has been attributed to the token's popularity among retail investors and the hype surrounding former President Trump.

However, the timing of these deposits has raised eyebrows among crypto traders, especially as it comes just weeks before a private dinner that former President Donald Trump is hosting for the top 220 $TRUMP coin holders.

The dinner, which is set to take place on May 22 at the Trump International Hotel in Washington, D.C., is part of an initiative by the former president to engage more with his supporters in the Web3 space.

The move is also being seen as an attempt by Trump to cash in on the meme coin craze that has swept through the cryptocurrency markets this year.

Earlier this month, Senators Elizabeth Warren and Adam Schiff penned a letter to Office of Government Ethics Director Jamieson Greer, requesting an urgent investigation into the legality and transparency of Trump’s upcoming dinner with the top 220 $TRUMP coin holders.

In their letter, the senators expressed concern over the promotional post that Trump shared on his social media platform, Truth Social, in April, where he announced his plans to host a private dinner and VIP reception for the $TRUMP coin community.

The post, which was filled with grammatical errors, invited the top 220 $TRUMP coin holders to join him for an intimate meal at his Trump International Hotel in Washington, D.C., on May 22.

The senators noted that the post also mentioned a $100 million increase in the $TRUMP coin's market cap after the dinner announcement, which they saw as a "serious red flag."

"We ask that you investigate the legality and transparency of this venture, particularly given President Trump's public corruption and campaign finance violations," the senators wrote in their letter.

Rumors that TRON founder Justin Sun will attend the dinner have further heightened concerns among industry figures about potential industry collusion.

"This private equity initiative by former President Trump to meet with the largest $TRUMP coin holders at his Trump International Hotel is sure to draw attention from both financial and political realms," an email from the Trump campaign read.

"The former president is known to favor lavish affairs, so it will be interesting to see what he has planned for the evening."

The $TRUMP coin has soared in recent weeks, largely driven by the anticipation of the dinner. The token is currently trading at around $13.84, down 0.382 Fibonacci level at $12.99. This support zone is further reinforced by the 50 EMA at $12.86. A break below $12.80 could open up to $11.92 and $10.86.

However, momentum traders are looking for a bounce off this zone as the MACD has crossed into bearish territory at $14.31 with strong volume, which could lead to a retest of $16.40.

"A confirmed break above $14.31 with volume could lead to a retest of $16.40. MACD has crossed into bearish territory, so short-term cautious, but volume is the confirmation tool," Benzinga reported.

Trade ideas:

Buy above $14.31 on strong volume with stop-loss at $12.80

Bounce play near $12.99-$12.86 zone, target $14.31

Breakdown below $12.80 may go to $11.90

The $TRUMP coin is a new cryptocurrency that was launched earlier this year and is named after former President Donald Trump. The token has become popular among retail investors, who are attracted by its low price and the hype surrounding the former president.

However, the token has also faced criticism from some quarters, who accuse it of being a scam and a