In the lead-up to former U.S. President Donald Trump’s exclusive gala at Mar-a-Lago, a surge of major investor activity around the Trump memecoin has caught the eye of the crypto community. As the event approaches, the token’s price hovers near its lowest levels, overshadowed by intensifying political debate.
Crypto whales pull tokens from exchanges
According to blockchain analytics firm Lookonchain, recent days have seen large-scale purchases of the Trump memecoin. So-called “whale” investors in the crypto world are moving coins off centralized exchanges and into their own private wallets, signaling a shift in market behavior.
One wallet, identified by the code “8DHkza,” withdrew around 850,000 Trump tokens—worth approximately $2.4 million—from Bybit over the past two days. Another major holder, “7EtuAt,” moved 105,000 tokens (about $298,000) from Binance into direct custody, bringing this investor’s total portfolio to 1.13 million tokens valued at $3.2 million.
These moves are seen as indicators that investors plan to hold their assets for the long haul, and the withdrawal of tokens from trading platforms could further tighten liquidity on the market.
Mar-a-Lago event draws scrutiny amid political pressure
Interest in the token surged ahead of a private luncheon at Mar-a-Lago on April 28, open only to select invitees. Attendance is reserved for the 297 largest holders of TRUMP tokens, with the top 29 investors receiving special VIP privileges to meet Donald Trump in person.
Despite frenzied accumulation, the Trump token remains in a downward trend. Most recently, the token slipped to $2.80, losing 0.2% over the past 24 hours and extending its weekly decline to over 1%.
The price pressure intensified after news broke about World Liberty Financial—a company connected to Trump—allegedly employing risky lending strategies on the Dolomite DeFi platform earlier in the week.
Meanwhile, the upcoming gala has also sparked activity in the U.S. Senate. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal sent an official request for documents and information to Fight Fight Fight LLC, managed by Trump associate Bill Zanker. The inquiry concerns the details of the event, as well as Trump’s ties to its organization and financing. Fight Fight Fight LLC had previously launched the Trump memecoin in cooperation with entities linked to Donald Trump.
The senators have called on Congress to fully uncover the scale of the crypto-related earnings connected to Trump and his family. They emphasized the need to prevent similar conflicts of interest going forward.
The new investigation, coming at a time of mounting political and regulatory pressure, is introducing fresh uncertainty for the memecoin as its price remains under strain.
