Summary
⚈ Traders have rushed in, some profiting, others losing millions chasing top holder spots.
⚈ Critics warn of ethics issues as token shows bullish momentum but nears overbought levels.
A wallet linked to the Official Trump (TRUMP) team has deposited tokens worth over $50 million to major exchanges ahead of the upcoming dinner with top holders and former President Donald Trump.
The wallet transferred 3.5 million TRUMP tokens, worth approximately $52.66 million, to Binance, OKX, Coinbase, and Bybit, according to on-chain data retrieved by Finbold from Onchain Lens on May 10.
The transaction, which likely moved to support liquidity operations, originated from a wallet initially designated for liquidity provision during the token’s launch.
Under the distribution, Binance received 1.5 million TRUMP valued at $22.41 million; OKX got 1 million TRUMP worth $15.06 million; Bybit received 500,000 tokens valued at $7.53 million; and Coinbase was sent 500,000 TRUMP worth $7.48 million.
Search for TRUMP dinner slots heats up
This development comes less than two weeks before the dinner on May 22, 2025, which Trump will host at his Washington D.C. golf club. The event is exclusively for the top 25 TRUMP holders, which has intensified interest and trading activity around the token.
Launched in January 2025 on the Solana (SOL) blockchain, the meme coin has been a controversial asset marked by extreme price swings and strong investor reactions.
Since the dinner announcement, TRUMP has sometimes outperformed the broader crypto market, fueled by aggressive whale accumulation as investors vie for VIP access.
One trader, for example, netted nearly $670,000 in less than 24 hours by converting 1.18 million Fartcoin (FARTCOIN), worth $1.22 million, into 78,671 TRUMP tokens. In contrast, another investor lost $2.8 million within an hour chasing the same opportunity.
Amid the frenzy, critics, particularly from the Democratic Party, have raised concerns, arguing the dinner could constitute a “pay-to-play” scenario and potentially violate federal emoluments clauses.
TRUMP price analysis
As of press time, TRUMP was trading at $14.21, up 0.6% on the day and nearly 12% over the past week.
The token is approaching overbought territory with a 14-day Relative Strength Index (RSI) at 63. At the same time, TRUMP is currently trading well above its 50-day simple moving average (SMA) of $10.74, reinforcing the bullish momentum while signaling a need for caution in the short term.
Featured image via Shutterstock
