TRUMP Coin’s team sold tokens worth $20M before Investor Dinner, questions raised
The crypto world is in a tizzy again, and this time the reason is the TRUMP Coin team, which has transferred tokens worth about $20 million to centralized exchanges just before a big private investor dinner. This matter has not only shocked the PolitiFi community, but now questions are being raised in political circles about it.
Transfer of $19.6 Million Tokens
According to on-chain data provider Lookonchain, a wallet associated with the TRUMP Coin project sent tokens worth about $19.6 million to major centralized exchanges like Binance, OKX and Bybit on April 29. This large level transfer has caught the attention of the entire crypto community, especially when this move happened a few weeks before a very big and famous investor dinner.
Controversy related to Investor Dinner
An exclusive private dinner is going to be held on May 22, in which former President Donald Trump will have dinner with the top 220 holders of TRUMP Coin. There was already hype about this event and due to this, the price of TRUMP Coin has seen an increase of about 70% in the last one week.
But now this large-scale selloff of the team has raised many questions about insider selling and market manipulation. Crypto enthusiasts and experts believe that this move could be a way to mislead investors.
Political Angle: Senators’ anger
The twist in this case came when Democratic Senators Elizabeth Warren and Adam Schiff sent a formal letter to the U.S. Office of Government Ethics demanding an investigation into the whole matter. They say that Trump’s dinner invitation provoked people to invest in TRUMP Coin, causing the token’s market cap to suddenly increase to $100 million.
Senators believe that this is a misuse of public influence, and if any case of unethical financial gain comes to light, then it should be investigated thoroughly.
Market Trends and Reactions
The current price of TRUMP Coin is $13.95, and there is still strong demand from investors. However, some relief news is coming from the derivatives market.
According to Coinglass data, TRUMP Coin’s futures open interest has fallen by 8%, which is now at $734 million. At the same time, derivatives trading volume has fallen by 13% to $2.7 billion.
Will this rally last?
Now the biggest question is whether this rally of TRUMP Coin really rests on a strong foundation, or is it just a hype-driven move? The questions raised around the sudden token sales and political support from the team have made this rally even more suspicious.
The crypto community is now waiting for the dinner on May 22, after which it may be clear whether the value of TRUMP Coin is genuinely based on investor interest or it is a short-term political stunt.
What will happen next? Will TRUMP Coin remain in the crypto world or will it just be a political bubble – only time will tell the answer.