As President Donald Trump prepares to host a gala at Mar-a-Lago on April 28, significant investors are reportedly stockpiling the TRUMP memecoin. Despite its trading near all-time lows and political scrutiny surrounding the event, notable whale purchases have been observed through centralized exchanges. Blockchain analysis from Lookonchain indicates that one major address, “8DHkza,” withdrew 850,488 $TRUMP tokens (valued at about $2.4 million) from Bybit in recent days, while another, “7EtuAt,” transferred 105,754 tokens (worth approximately $298,000) from Binance 17 hours ago and now possesses 1.13 million tokens, estimated at $3.2 million.
These outflows from exchanges suggest that investors intend to hold the coins for the long term, signifying accumulation and potentially reducing immediate market sell-side liquidity.
This buildup coincides with an invitation-only luncheon reportedly limited to the top 297 TRUMP token holders, where the highest 29 will gain exclusive VIP access to Donald Trump. However, despite this activity, the TRUMP token continues to struggle at prices near $2.80, having dropped 0.2% in the past 24 hours and over 1% in the last week. Pressure on the token intensified following reports by CoinDesk about a controversial lending strategy associated with the crypto venture World Liberty Financial linked to Trump.
In parallel, U.S. senators have heightened their examination of the Mar-a-Lago event. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal have requested documents from Fight Fight Fight LLC, a Delaware-based company managed by Trump associate Bill Zanker, probing whether Trump influenced the planning, promotion, or financial benefits derived from the event. The company is associated with the TRUMP memecoin in collaboration with entities related to Donald Trump.
“It’s crucial that Congress fully understands how President Trump and his family profit from cryptocurrency ventures,” the senators stated, emphasizing the need for Congressional action to prevent such conflicts of interest. This investigation adds further uncertainty to the token amidst existing regulatory and political challenges.