TRUMP Meme Coin Team Transfers $32.8 Million to Binance

The TRUMP meme coin development team on the Solana platform, a digital asset related to US President Donald Trump's brand, has transferred 3.527 million tokens (equivalent to approximately 32.8 million USD) to Binance.

This transaction is the latest in a series of significant token deposits to centralized exchanges, raising new concerns about the team's intentions and potential impact on market stability.

Nearly 150 million USD of TRUMP tokens have been transferred

The blockchain analysis platform Lookonchain reported that this latest transaction, carried out on 21/06, is part of a larger pattern.

Since the end of April, the team has sent over 12.5 million TRUMP tokens, valued at more than 150 million USD, to exchanges including Binance, OKX, and Bybit.

Market experts warn that large and frequent deposits to exchanges without transparent information can increase uncertainty and cause price depreciation.

However, project representatives previously stated that token migration aims to support liquidation and ensure smooth trading conditions. They also mentioned that these tokens come from a wallet specifically created for this purpose during the project's startup phase.

Despite these assurances, the token's market value continues to decline.

According to BeInCrypto data, TRUMP has lost about 6% in the past day and is currently hovering around 8.68 USD at the time of writing. Since its launch in January, the token's value has dropped approximately 90% from its peak of over 75 USD.

Meanwhile, controversies surrounding the token extend beyond market activity. There is ongoing political oversight related to the token's connection to US President Donald Trump, which further complicates emotions around this meme coin.

To clarify, US Representative Brad Sherman recently accused TikTok of planning to invest 300 million USD in TRUMP token to influence US policy. However, TikTok has denied these allegations, calling them inaccurate and baseless.

"Dear Congressman, the statement that TikTok's owner is buying 'Trump Coins' is completely wrong and irresponsible and does not even accurately reflect a letter he signed last month," the video-sharing platform stated.

These issues mean that the prospects for TRUMP remain uncertain due to growing doubts about the token's utility and continuous price decline.