Large holders of the TRUMP memecoin are moving significant amounts off exchanges ahead of an April 25 luncheon at former President Donald Trump’s Mar-a-Lago estate, even as the token’s supply remains heavily concentrated among a small number of wallets and prices have softened since March.
Whale Accumulation Ahead of Mar-a-Lago Luncheon
On-chain data shows multiple large wallets withdrawing TRUMP from centralized exchanges in recent days. Blockchain analytics firm Lookonchain reported on April 12 that one address pulled about 105,754 TRUMP from Binance, bringing its total to roughly 1.13 million tokens. Another wallet withdrew approximately 850,488 TRUMP from Bybit over the prior two days. Additional activity captured by Solscan indicates two more wallets moved funds on Monday, with one address surpassing 368,000 tokens after a BitMart withdrawal and another crossing 1 million tokens following further Bybit outflows.
The accumulation appears tied to an invitation-only luncheon at Mar-a-Lago on April 25. According to event details shared in community channels, the top 297 TRUMP holders are eligible to attend, while the top 29 wallets are offered a private reception the same day, which coincides with the White House Correspondents’ Association Dinner in Washington, D.C.
Extreme Supply Concentration Raises Liquidity Risks
More than 97% of TRUMP’s total supply is held by the top 100 wallets, according to on-chain data. That concentration can magnify price swings, as modest distributions from a few large addresses may offset or overwhelm buying from other whales. Dominick John, an analyst at Zeus Research, said that thin market liquidity combined with concentrated holdings has weighed on price discovery, with retail selling adding pressure.
Price Action Mirrors 2025 Event
TRUMP rallied when the April luncheon was announced in March, reaching about $4.30 before retracing. As of Monday, the token had fallen more than 30% from that peak to around $2.81, according to CoinMarketCap. A similar pattern played out around a Trump-linked crypto event in May 2025, when the token climbed to $15.55 in the run-up, then declined into and after the event, settling near $8.89 a month later.
Political Scrutiny and Legislative Response
The Mar-a-Lago gathering has drawn criticism from Democratic lawmakers, who argue the token project blurs ethical boundaries by linking access to a sitting president with holdings of a speculative digital asset. Members of Congress have introduced measures aimed at curbing such activity, reflecting growing scrutiny of the intersection between political fundraising and crypto markets.