TRUMP Coin team moves $94M USDC to exchanges amid growing concerns, fueling speculation about the project’s future and possible liquidation.
TRUMP Coin, the political-themed cryptocurrency, is facing increased scrutiny as recent on-chain data reveals large transactions linked to its deployer.
Over the last three weeks, wallets associated with the TRUMP Coin project transferred approximately $94 million in USDC to centralized exchanges, sparking fears that the project may be nearing its end.
The mass movement of funds has led many in the crypto community to question the future of the coin and whether it’s experiencing a slow liquidation.
TRUMP Coin’s Alleged Liquidation Raises Red Flags
According to blockchain analyst EmberCN, wallets connected to TRUMP Coin have moved $94 million worth of USDC to Coinbase in just three weeks. This transfer is significant, suggesting a structured liquidation process.
The funds were raised by adding liquidity to the Solana-based DEX, Meteora, and selling the TRUMP Coin at preset intervals.
This technique is not new and has been previously used with other tokens, such as the MELANIA token.
In both cases, the funds from token sales were swiftly moved to centralized exchanges like Coinbase. These actions have raised alarms in the crypto community, with many speculating that the team is liquidating its holdings and may abandon the project altogether.
Past Sell-Offs Have Raised Concerns
This recent move follows a pattern of large transfers of TRUMP Coin tokens to exchanges.
In May, an on-chain tracker identified a massive transfer of 3.5 million tokens, worth $52.6 million, to centralized exchanges. This was preceded by another significant transfer in April, where $19.6 million in tokens were moved to Binance, OKX, and Bybit.
The regularity of these large transactions has caused concern in the crypto community.
Experts have pointed out that such rapid liquidations could signal deeper issues within the project. The token’s valuation, which once exceeded $67 billion, has now seen a sharp drop of more than 90%.
This pattern of large-scale sell-offs has continued to worry investors and analysts. In addition to the previous transfers, there have been multiple smaller transactions moving significant amounts of TRUMP Coin to exchanges.
These consistent movements have raised questions about the long-term stability of the project and whether the team is attempting to exit their positions before further losses occur. Such actions have contributed to the growing skepticism surrounding the project’s future.
Related Reading: Canary Capital Trump Coin ETF Secures DTCC Listing
Shift in Focus Away from TRUMP Coin
Amid these concerns, attention seems to be shifting away from TRUMP Coin itself.
Industry experts have noticed that key figures in the Trump business circle are now directing their efforts toward other projects. One of the most prominent projects is the World Liberty Financial Token, which has been gaining traction.
Despite these developments, the TRUMP Coin team has not abandoned the project completely. Recently, they announced the launch of a Trump-themed mobile game, designed to offer more utility for the token.
Additionally, the introduction of the TrumpWallet, a branded wallet and trading interface, aims to onboard new users into the ecosystem.
While these efforts may help to maintain some interest, the long-term viability of TRUMP Coin remains uncertain. The increasing competition from other political-themed tokens, combined with ongoing concerns over its liquidity, could continue to challenge the project’s prospects.
Source: https://www.livebitcoinnews.com/is-trump-coin-dying-team-transfers-94000000-usdc-in-suspected-liquidation/
