While many of the top holders of former U.S. President Donald Trump’s memecoin remain anonymous, but blockchain data reveals a significant sell-off over the past week. Interestingly, this drop in holdings came around when Trump announced a special dinner and White House tour for select token holders.
As of Apr. 25, blockchain analytics firm Nansen data shows that the Trump memecoin took a remarkable hit over the past week, it saw more than $869 million flow out, while only around $96 million came in among the top 500 transactions.
Some changes occurred after the US president announced that the top 220 TRUMP token holders could apply for a dinner with him at a golf club in Washington, DC. Unfortunately, this also means fewer chances to tour the White House.
Trump token: New wallets and mystery holders
Nansen observed that more people chose to sell their Trump tokens than new buyers entered the market. However, there’s still some interest, either to secure a dinner ticket or take advantage of price fluctuations. As a result, a few new wallets have made it into the top 250 holders, while some previous holders have decided to exit their positions.
Launched in January before POTUS took office, his memecoin, along with Melania’s, has faced criticism from US lawmakers and crypto industry leaders over possible conflicts of interest. As of now, the identities of many of the top token holders and dinner attendees remain unknown.
As of Apr. 25, the leading holder of TRUMP memecoins owned 1,176,803 tokens, valued at around $16 million. The wallet, identified by the username “Sun,” sparked rumors that Justin Sun, the founder of Tron and a known Trump supporter with investments in the Trump family-backed crypto firm World Liberty Financial, might be among those attending the dinner.
Some token holders use usernames like “elon” and “doge,” but it’s unclear whether Tesla CEO Elon Musk, a known Dogecoin advocate, is personally involved in the project. Meanwhile, the team behind the Trump token holds a whopping 80% of the total supply, which has raised red flags.
