Majority of Attendees from Trump's Cryptocurrency Gathering Have Either Transferred or Sold Their Digital Currencies

Majority of Attendees from Trump's Cryptocurrency Gathering Have Either Transferred or Sold Their Digital Currencies

Majority of TRUMP Meme Coin VIPs Transfer Holdings to Centralized Exchanges after President's Dinner

A significant number of VIP holders of the TRUMP meme coin have shifted their digital assets to centralized exchanges, raising suspicions that they are planning to sell the tokens they earned through President Trump's exclusive gala dinner.

According to data from Solana block explorer Solscan, just eight out of the top 25 VIPs still hold the president's official Solana meme coin as of Friday. The majority of the registers addresses have moved their TRUMP tokens to centralized exchanges, such as Coinbase and Binance, within days of the May 12 dinner snapshot.

One of these eight wallets belongs to Justin Sun, the founder of Tron network and the meme coin's top holder. Despite the token drop, Sun's wallet still retains nearly $18.8 million worth of TRUMP tokens. In a Tweet posted early on Friday, Sun expressed his gratitude for being invited to the Trump Gala Dinner.

The second wallet on the leaderboard, associated with layer-1 meme coin blockchain MemeCore, still maintains its entire balance from the snapshot. However, only three other wallets from the top 10 continue to hold TRUMP tokens, while the remaining five have transferred their balances to centralized exchanges, including Wintermute's hot wallet.

Before the dinner, the average holdings of TRUMP tokens among VIPs were approximately $4.78 million. However, the group's collective holdings have dropped to around $2.11 million, mostly due to the substantial holdings of the top two investors. By selling their tokens, VIPs with no remaining balances would miss out on the limited edition "diamond hand" NFT, which could be earned by maintaining their leaderboard balances until the dinner.

The waves of token transfers may support the claims of lawmakers and critics that the investments were primarily a "pay-for-play" strategy to gain proximity to the President. The controversy surrounding the dinner even led to protests at the event and the introduction of a bill to prevent the president from profiting from cryptocurrency ventures.

Despite the controversy and the drop in the TRUMP token value—currently down over 14% from its previous day's prices—the White House maintains that the event serves the public interest.

Edited by Andrew Hayward

1. The VIP holders of the TRUMP meme coin, after President Trump's dinner, have predominantly moved their tokens to centralized exchanges like Coinbase and Binance, raising concerns about potential token sales.
2. One of the top VIP wallets, belonging to Justin Sun, the founder of Tron network, still retains a substantial amount of TRUMP tokens worth nearly $18.8 million.
3. The second wallet on the leaderboard, associated with MemeCore's layer-1 meme coin blockchain, still holds its entire balance, while only three other wallets from the top 10 continue to hold TRUMP tokens.
4. By selling their tokens, VIPs with no remaining balances might miss out on the limited edition "diamond hand" NFT, which can be earned by maintaining balances until the dinner.
5. The token transfers and the controversy surrounding the dinner have led lawmakers and critics to claim that the investments were a "pay-for-play" strategy to gain proximity to the President, as some have argued that it could lead to the introduction of a bill to prevent the President from profiting from cryptocurrency ventures.

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