Traders Exit TRUMP Memecoin Despite Dinner Incentive

Despite a high-profile incentive offering top tokenholders a private dinner and a tour of the White House, the TRUMP memecoin, which was introduced earlier this year by US President Donald Trump, is still experiencing significant outflows. Despite Trump’s recent vow to increase involvement, blockchain data from analytics firm Nansen shows a stunning disparity between sales and purchases.

Over the last seven days, TRUMP token outflows have topped $869 million, while inflows among the top 500 holders have only reached $96 million, according to Nansen’s analysis from April 25. Trump’s invitation for the top 220 TRUMP holders to apply for a private dinner event at a golf club in Washington, D.C., with a restricted chance to tour the White House, coincided with this sell-off.

“It’s clear that more people took the opportunity to offload their Trump tokens than new buyers came in,” Nansen noted. Despite the overwhelming outflows, some new wallets have joined the top 250 holders list, indicating that a few investors are either pursuing the exclusive dinner invite or speculating on price volatility.

Investor Interest Is Still Uncertain

The TRUMP token, which was introduced prior to Trump’s inauguration, along with a related memecoin linked to First Lady Melania Trump, have drawn condemnation from both parties. Given that the project’s team owns over 80% of the total token supply, lawmakers and prominent figures in the cryptocurrency sector have expressed worries about possible conflicts of interest, which has increased concerns about a possible “rug-pull.”

The largest TRUMP holder held about 1,176,803 tokens as of April 25, which is worth about $16 million. The wallet’s username, “Sun,” has raised questions about a potential connection to Justin Sun, the Tron founder and a well-known backer of the Trump family’s cryptocurrency endeavors. Requests for comment, however, have not received a response from Sun’s staff.

Other noteworthy wallet names are “elon” and “doge,” which have sparked speculation about possible involvement from Elon Musk, the CEO of Tesla and a strong supporter of Dogecoin. Musk’s involvement has not been verified by any concrete proof.

Similar to Previous Occurrences

The dinner incentive is modeled after a 2024 gathering at Trump’s Mar-a-Lago resort in Florida, where he welcomed supporters and gave out NFTs with his mugshot after he was indicted in connection with the 2020 election scandals. Whether any attendees of that event are currently among the top holders of TRUMP memecoins is yet unknown.

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