- The Trump Meme Team withdraws $6.77 million in liquidity before moving $20 million to exchanges.
- Whale activity sparks fear of a massive token sell-off amid market volatility.
- Coin gains 1.08% despite massive exchange transfers and panic sell signs.
The Trump Meme Team has made big moves that have caught the attention of the crypto world. According to data shared by Lookonchain, the team recently removed a large amount of liquidity from the market.
Also, 374,608 USDC and 749,932 TRUMP tokens, worth approximately $6.77 million, were withdrawn by them 50 minutes prior to the report. Such immediate withdrawal of liquidity usually happens before a significant change in price.
Source: X
Also Read | TRUMP Token Hit by Liquidity Pull as ETF Filing Emerges
Trump Meme Team Brings Selling Panic
Following this transaction, the team transferred 2.28 million TRUMP tokens, which had a value of $20.51 million, to two leading crypto exchanges, Binance and OKX.
This kind of move can instill fear in the hands of the holders that a large sell-off will cause the price of the token to be driven downwards. The Meme Team is famous for the hype associated with the meme-themed cryptocurrency, as reflected in the number of its followers on social media.
Despite being launched as a joke coin, the new fund and liquidity movements indicate that this project is far more than a meme amusement. On-chain data indicates that the tokens were transferred out of wallets that have just withdrawn liquidity in the Meteora market. After that, the funds were transferred by these wallets to Binance and OKX very rapidly.
TRUMP Coin Price Goes Up 1.08%
The specific times and large quantities of the trades suggest a well-formulated strategy. Investors usually track whale wallets to anticipate future price actions. Some traders can identify and seize opportunities in case they want to purchase at a cheaper price, but others may decide to quit to prevent the losses.
The crypto market often reacts sharply to such whale activity, and meme coins are even more sensitive because they rely so much on hype and sentiment. At the time of writing, CoinMarketCap data reveals the coin trades at $9.05, having gained 1.08% in the last 24 hours.
Also Read | Trump-Linked Wallet Moves About $32.8M in $TRUMP Tokens to Binance
