Though the identities of many of the top holders of US President Donald Trump’s memecoin were still unknown, blockchain data showed significant outflows over the past seven days — during which time he announced a dinner and White House tour for certain tokenholders.
According to data from blockchain analytics firm Nansen as of April 25, the TRUMP memecoin had seen more than $869 million in outflows in the last seven days compared to roughly $96 million in inflows among the top 500 changes. Some of the changes followed Trump announcing that the top 220 TRUMP holders could apply to meet him at a golf club dinner in Washington, DC, with fewer opportunities for a White House tour.
“It’s clear that more people took the opportunity to offload their Trump tokens than new buyers came in,” said Nansen. “There still appears to be some interest — either A) to secure the dinner ticket, or B) to capitalize on price volatility. As a result, a few new wallets have entered the top 250 holders, while some previous holders seem to have taken the opportunity to exit their positions.”
Launched in January before Trump took office, his memecoin, and that of his wife, Melania, have seen criticism from US lawmakers and leaders in the crypto industry for potential conflicts of interest. At the time of publication, the identity of many of the top tokenholders and those who might apply to attend the dinner were unknown.
Who is investing in Trump’s memecoin?
As of April 25, the top tokenholder had 1,176,803 TRUMP memecoins worth roughly $16 million at the time of publication. The wallet holder, under the username “Sun,” had led to speculation that Tron founder Justin Sun — a Trump supporter and investor in the Trump family-backed crypto firm World Liberty Financial — could be among the dinner attendees. Cointelegraph reached out to Sun’s team for comment but had not received a response at the time of publication.
Related: Trump memecoin team denies $300K dinner requirement rumors
Other tokenholders included usernames like “elon” and “doge,” though it was unclear if Tesla CEO Elon Musk, also a Dogecoin (DOGE) advocate, was involved in the project. The team behind the TRUMP token controls 80% of the total supply, resulting in many critics suggesting the Trump or someone in his family could still rug-pull investors.
Before the 2024 election, Trump arranged a similar dinner at his Mar-a-Lago property in Florida with supporters who purchased non-fungible tokens depicting his mugshot during his arrest for allegedly attempting to subvert the results of the 2020 election. It’s unclear whether any of the same people who attended the May 2024 event are among the top TRUMP memecoin holders.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions