TRUMP plunges after massive liquidity withdrawal… 'Insider dumping' suspicions spread
Summary
- It has been reported that the TRUMP meme coin team conducted a large-scale liquidity withdrawal and transferred funds to CEX.
- Afterwards, the price dropped by more than 6%, and warnings about insider dumping and a potential 'rug pull' have been spreading across the crypto community.
- Currently, TRUMP is trading at $9.04, down 2.44% from the previous day, according to CoinMarketCap.
The TRUMP meme coin team has been observed withdrawing large amounts of liquidity and transferring them to centralized exchanges (CEX). Following the transfer, the price dropped by more than 6%.
According to data from the on-chain data platform Arkham Intelligence on the 26th (local time), the Trump Meme Team removed 4.4 million USDC and 347,438 TRUMP tokens (worth approximately $3.12 million) from the liquidity pool about six hours ago. Subsequently, 4.4 million USDC was transferred to the Ethereum network, and all recovered TRUMP tokens were moved to a new wallet.
The on-chain analysis platform Alva commented, "This is interpreted as profit realization by project insiders or movements by related parties," adding, "Currently, within the crypto X community, suspicions of 'insider dumping' are spreading, and warnings about the possibility of a TRUMP 'rug pull' are growing."
Meanwhile, as of 10:40 AM on CoinMarketCap, TRUMP is trading at $9.04, down 2.44% compared to the previous day.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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