"Despite Trump's Dinner Proposal, TRUMP Token Faces Sell-off... $800 Million Net Outflow in a Week"
Summary
- Despite President Donald Trump's announcement of a dinner event for TRUMP token holders, a significant sell-off continued, resulting in a net outflow of $869 million, as reported by Cointelegraph.
- According to blockchain analytics firm Nansen, despite the incentive of a dinner invitation, the sell-off by existing holders overwhelmed the new buying interest.
- The largest holder of TRUMP tokens is presumed to be Tron founder Justin Sun, and with 80% of the total supply held by the project team, concerns about insider risk are raised.
Despite U.S. President Donald Trump's announcement of a dinner event for Official Trump (TRUMP) token holders, the market has seen a significant sell-off.
According to cryptocurrency media outlet Cointelegraph on the 26th, blockchain analytics firm Nansen reported that the TRUMP token recorded an outflow of $869 million over the past seven days. During the same period, the inflow was about $96 million, indicating a clear net outflow.
According to the media, President Trump plans to offer the top 220 TRUMP token holders an opportunity to apply for a dinner at the Washington DC Golf Club. Some holders are also expected to get a chance to participate in a White House tour. However, Nansen analyzed that "despite the incentive of a dinner invitation, the sell-off by existing holders overwhelmed the new buying interest."
Currently, some of the top holders have liquidated their positions, and new wallets have entered the top 250 ranks. Meanwhile, there is speculation that the largest holder of TRUMP tokens is Justin Sun, the founder of Tron. The wallet in question holds approximately 1,176,800 TRUMP tokens, worth about $16 million.
The TRUMP token was launched in January this year, and with 80% of the total supply held by the project team, concerns about insider risk continue to be raised.
Previously, President Trump held a similar dinner event for NFT buyers at the Mar-a-Lago resort before the 2024 presidential election.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
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