TL;DR

Reports have emerged once again that the team behind the meme coin linked to the US President has started to deposit large portions of the asset to exchanges, most likely with the intention to sell. A few weeks after the special TRUMP token holders dinner, the meme coin has slumped in value, almost erasing all of its hype-driven gains. Lookonchains report on the matter indicates that a wallet linked to the TRUMP team had transferred almost $47 million worth of the token to several exchanges, including the usual suspects Binance and Coinbase.

Although such moves do not guarantee that a sell-off will occur, they certainly hint at such potential outcomes as large investors and the teams behind various projects do not tend to store assets on exchanges. In general, they deposit funds when its time to cash out.

The wallet linked to the $TRUMP team deposited 4.17M $TRUMP($46.97M) into #Binance, #OKX, #Coinbase and #Bybit again 3 hours ago.https://t.co/Mkk5VIjIFWhttps://t.co/exlbszngIQ pic.twitter.com/wy8y3ko15b

In the case of the TRUMP team, this is far from the first similar transfer. They made multiple deposits in the past few months, especially in April, when the assets price started to gain traction after the US Presidents invitation to a special dinner event with him.

The top 220 holders had the opportunity to visit the event, which took place on May 22 in one of the POTUS golf establishments. Ever since the dinner was announced, the suspicious activity levels have gone through the roof, which prompted the Democrats to call for an investigation.

Nevertheless, the US President continues to deny profiting from the meme coin, even when he was asked directly by NBC News Kristen Welker.

TRUMPs price, expectedly, skyrocketed when the dinner was announced and almost doubled its value within a few weeks, going up to $16. However, it has been mostly downhill since then and is now under $11 after another 13% weekly dump.