TRUMP/USD (CRYPTO: TRUMP) is 16 days away from a gala dinner for some of the largest token holders, and the meme coin created in the likeness of former President Donald Trump is down 22% over the past seven days.
What Happened: On-chain data shows large holders moving TRUMP tokens off of exchanges, which could be a sign of longer-term positioning.
Two newly created wallets are evacuating a total of 2.39 million TRUMP, worth around $28 million, from Binance, according to Lookonchain. One of the wallets belongs to MemeCore_ORG, which is now sitting on a $2.8 million unrealized loss following recent buys.
A large TRUMP wallet is exiting 1 million tokens, currently valued at $10.84 million, from Binance, according to SpotOnChain, which points to strong buy-side interest.
The large-scale movements come as the top 220 wallets are set to attend the gala dinner and the top 25 wallets will be assigned special roles and responsibilities.
TRUMP has generated over $324 million in trading fees and roughly 80% of the circulating supply is linked to Trump- or MAGA-affilirated wallets.
Anonymous trader Optimus is watching for scalp or swing long setups around the $8.20–$8.35 range, though a small bounce could form with a close above previous highs at $8.75. Despite that, the trader isn't fundamentally bullish and plans to exit longs quickly while continuing to favor short positions.
Trader HASANXBT is highlighting weakness after TRUMP failed to reclaim supply zones. The trader sees downside potential toward the quarterly open at $10, with a break below opening clean short setups below $9.
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