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Over 97% of the TRUMP memecoin’s total supply is held by just the top 100 wallets — a concentration so extreme that even aggressive buying by large holders can be easily offset by insider selling.
Whales Move Fast Before April Deadline
Multiple large holders have been pulling significant amounts of the token off crypto exchanges in recent days, all ahead of a private luncheon scheduled for April 25 at US President Donald Trump’s Mar-a-Lago estate in Florida.
According to blockchain analytics firm Lookonchain, one wallet withdrew roughly 105,754 TRUMP tokens from Binance on Saturday, adding to a stash already worth around $3.2 million.
Two days before that, a separate holder pulled 850,488 tokens from Bybit. Two more wallets followed on Monday — one boosting its holdings past 368,000 tokens after withdrawing from BitMart, the other crossing 1 million tokens after pulling funds from Bybit, based on data from blockchain explorer Solscan.
Whales are accumulating $TRUMP for #Trump‘s Luncheon.
Whale 8DHkza withdrew 850,488 $TRUMP($2.4M) from #Bybit in the past 2 days.
Whale 7EtuAt withdrew another 105,754 $TRUMP($298K) from #Binance 17 hours ago and currently holds 1.13M $TRUMP($3.2M).https://t.co/Qns5mI638Z… pic.twitter.com/VRYmLb6gxJ
— Lookonchain (@lookonchain) April 12, 2026
The reason for the rush is straightforward. Only the top 297 token holders get an invitation to the Mar-a-Lago event, where Trump is expected to speak. The top 29 holders are offered an additional private reception — on the same day as the White House Correspondents’ Association Dinner in Washington, DC.
A Pattern That Has Played Out Before
This is not the first time a Trump-linked event has triggered a buying surge. Trump held a similar crypto gala in May 2025, and the token climbed to $15.55 in the weeks leading up to it. But it fell as the event approached and continued sliding afterward, settling around $8.89 a month later.
The current cycle shows a similar shape, though at lower prices. When the April luncheon was announced in March, TRUMP jumped to $4.30. Since then, reports indicate the price has dropped more than 30%, trading around $2.81 as of Monday, according to data from CoinMarketCap.
Dominick John, an analyst at Zeus Research, said that retail selling in a thin market is pushing prices down. Supply held by insiders is making things worse — even modest distributions from a few large wallets are enough to cancel out whatever buying pressure the whales bring.
Criticism And Congressional Pushback Intensify
Democratic lawmakers have openly accused Trump of using his office for personal financial gain through the token project, and legislation aimed at curbing such activity has been introduced in Congress.
Critics have raised the same concerns about the upcoming luncheon, pointing out that access to a sitting US president is effectively being tied to how much of a speculative digital token someone holds.
Featured image from Getty Images, chart from TradingView
