Fresh on-chain evidence has reignited rumors that the TRUMP Coin project is dead. This came as wallets associated with the project’s deployer were noticed to be moving tens of millions of dollars to centralized exchanges associated with a sell-off.
TRUMP Coin Under the Spotlight Again for Possible Sell-Off
According to the blockchain analyst EmberCN, the address associated with the use of the TRUMP coin has transferred approximately $94 million of USDC to Coinbase over the last three weeks.
Source: EmberCNAs per the analysis, the funds were raised by the addition of single-sided liquidity to the Solana-based DEX, named Meteora, and then selling the token in predetermined price intervals. This way, the tokens are sent directly to stablecoins without being paired together initially, including USDC.
The same technique is said to have been used to liquidate the MELANIA token. The moment the conversion was done, the USDC was sent to the Coinbase platform. This is fueling the hypothesis that the team could be selling out their positions as many experts refer to the coin as dead.
The TRUMP token has repeatedly suffered from large wallets, considered team-linked, swiftly depositing to exchanges in waves. In May, on-chain trackers also flagged a single transfer of 3.5 million tokens, worth some $52.6 million at the time, sent to centralized exchanges in one move.
That was also preceded by the transaction back in April. Here, about $19.6 million in tokens were deposited across Binance, OKX, and Bybit.
Crypto expert Ardi described TRUMP coin in a post earlier this month as one of the most severe liquidity extraction episodes the sector has seen. He noted its fully diluted valuation once peaked above $67 billion before collapsing by more than 90%.
Adding to the uncertainty, attention seems to shift away from the token itself. According to experts, members of the Trump business orbit have shifted their attention towards other crypto projects of his, such as the World Liberty Financial Token.
MAGA Team Continues Building Out Ecosystem
The stalemate seen in the token comes despite the fact the team continues to make efforts to revive interest. For instance, the team made a public announcement about a Trump-themed mobile game the previous month. The aim was to provideexpanded utility.
This project had also previously launched the TrumpWallet. This is a branded wallet and trading interface to onboard new users into the system. Early participants on the waitlist of the game were able to benefit from sharing $1 million in token rewards.
Meanwhile, the larger political memecoin movement has been making waves. Solana co-founder Anatoly Yakovenko proposed a competitor political token, ‘Trump Corruption,’ under a fair launch mechanism in September.
Source: https://coingape.com/is-trump-coin-officially-dead-team-allegedly-cashes-out-94m-usdc-in-massive-sell-off/
