Trump’s meme coin TRUMP has seen rising whale accumulation ahead of the Mar-a-Lago dinner hosted by the former president. However, since the March announcement, TRUMP has fallen roughly 33% from its highs, with liquidity remaining thin and a large portion of supply concentrated among a few wallets. Analysts say event-driven optimism may be limited by these structural liquidity risks.
Data from LookOnChain shows several large holders withdrawing TRUMP from major exchanges, including Binance, Bybit, and BitMart. One whale moved 105,754 TRUMP on Saturday, lifting total holdings to about 1.13 million TRUMP, worth roughly $3.2 million at current prices. Other notable withdrawals include 850,488 TRUMP from Bybit and transfers of over 368,000 TRUMP from BitMart, with a fourth wallet surpassing 1 million TRUMP after a Bybit withdrawal.
The activity coincides with a Mar-a-Lago dinner scheduled for the 25th in Florida. The top 297 holders are invited, and the top 29 holders receive special receptions; Trump is expected to speak on site. Critics, led by Democrats, argue that the presidency could be used for personal gain, and legislation to address the issue has been introduced. After the event announcement, TRUMP rose to $4.35 but currently trades near $2.80, reflecting a thin market and potential for volatility.
Zeus Research’s Dominic John notes that retail selling pressure is being overwhelmed by thin liquidity, and that supply is highly concentrated in a small number of wallets. Data from CoinGecko shows 91% of TRUMP supply is held by the top 10 wallets, and more than 97% by the top 100 wallets. Past patterns around similar events suggest limited upside unless liquidity improves.
Last year, TRUMP rose to about $15.59 a month before the gala but declined as the event approached, trading around $8.90 a month after. Analysts caution that near-term catalysts may be outweighed by structural liquidity risks.
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