Large investors are stockpiling TRUMP memecoin ahead of an upcoming gala hosted by President Donald Trump at Mar-a-Lago on April 28, even as the token trades near record lows and the impending event faces political scrutiny.
Data tracked by blockchain detective Lookonchain shows notable whale purchases through centralized exchanges. One whale, “8DHkza,” withdrew $850,488 TRUMP tokens (worth approximately $2.4 million) from Bybit over the past two days. Another address, “7EtuAt,” withdrew 105,754 tokens (around $298,000) from Binance 17 hours ago and currently holds 1.13 million tokens, worth around $3.2 million.
Exits from exchanges would represent the investor’s intention to take direct custody of the coins and hold them for the long term. Therefore, capital outflows are considered to indicate an accumulation and potentially an immediate reduction in sell-side liquidity in the market.
The buildup comes ahead of an invitation-only luncheon that would be limited to the top 297 TRUMP token holders, with the first 29 receiving exclusive VIP access to Donald Trump.
However, TRUMP continues to trade at a record low near $2.80, down 0.2% in 24 hours and more than 1% in seven days. The token came under pressure this week after CoinDesk reported on Trump-linked crypto firm World Liberty Financial’s controversial lending strategy on the Dolomite DeFi platform.
Meanwhile, U.S. lawmakers have stepped up their scrutiny of the Mar-a-Lago event. Senators Elizabeth Warren, Adam Schiff and Richard Blumenthal sent a letter to Fight Fight Fight LLC, a Delaware-based entity led by Trump associate Bill Zanker, requesting documents and information indicating whether Trump had any role in planning, promoting or financially benefiting from the rally. Fight Fight Fight LLC TRUMP memecoin in partnership with entities affiliated with Donald Trump.
“It is critical that Congress fully understand the extent to which President Trump and his family are profiting from his cryptocurrency projects,” the senators said, adding that “Congress must also take action to prohibit and prevent these egregious conflicts of interest.”
The investigation introduces an additional layer of uncertainty for the token, as regulatory and political risks intersect with already weak price action.
