- A major TRUMP token holder transferred 2.22 million tokens to Binance.
- The tokens were worth approximately $6.82 million at the time of transfer.
- The large deposit to an exchange signals a high probability of a sell-off.
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Trump Token Whale Deposits 2.22 Million Coins on Binance
A wallet identified as a top holder of the TRUMP token has transferred its entire 2.22 million token position, valued at $6.82 million, to the cryptocurrency exchange Binance, suggesting a large-scale sell-off may be imminent.
The transaction was traced to the address qklpj.eth, which on-chain analytics platform Arkham Intelligence identified as the second-largest holder on the "Trump Luncheon Leaderboard." The transfer of the entire balance to a centralized exchange is often a precursor to selling, as tokens must be on an exchange to be sold for fiat currency or other cryptocurrencies.
This transfer represents a significant portion of the token's daily trading volume and could create substantial downward pressure on the price of the TRUMP token, which trades on the Ethereum network. The token's price was approximately $3.07 at the time of the transfer.
The move by this prominent whale could trigger wider fear among holders of other political-themed meme coins, a sector often referred to as "PoliFi." A significant sell-off in a leading token like TRUMP may impact the valuation of other assets in this niche category, potentially leading to increased volatility across the sector.
This article is for informational purposes only and does not constitute investment advice.
