- A newly created wallet withdrew $10.78M in TRUMP tokens from Binance, intensifying speculation and increasing market volatility.
- Trump’s crypto-themed events, including a TRUMP token-holder gala, fueled a 50% price surge and drew fresh attention to the meme coin.
- TRUMP token faces bearish pressure after a 38% decline from highs, with $10,000 acting as a crucial support level amid growing uncertainty.
A newly minted crypto wallet withdrew 1 million TRUMP tokens ($10.78M) from Binance in the past hour at the time lookonchain reported. This follows a massive $17.8M withdrawal by MemeCore_ORG, which now sits on a $2.8M paper loss. Meanwhile, Donald Trump is fueling interest with two major crypto-themed events this month — one targeting wealthy donors, the other meme coin holders. These developments are shaking up the TRUMP token landscape and causing sharp price volatility.
Political Events Fuel TRUMP Token Frenzy
Donald Trump’s dual dinners have added fuel to an already volatile market as per CNBC. His $1.5 million-per-plate gala on Monday targets elite political donors. However, the May 22 event offers access to Trump’s circle in exchange for TRUMP token holdings. This unique access model sparked a 50% surge in TRUMP’s price following the announcement.
About 80% of the TRUMP supply remains under control of the Trump Organization and affiliates. Moreover, according to Chainalysis, trading activity since January has generated $324 million in fees for insiders. These fees flow through a built-in mechanism directing a portion of each trade to wallets linked to the project’s creators.
Additionally, insiders have publicly committed to a 90-day lock-up period, delaying token sales. Despite this, the influx of new holders and rising speculation is adding intense pressure to price stability.
Market Structure Signals Further Downside Risk
TRUMP/USDT on Binance recently failed to reclaim a key supply zone, triggering bearish sentiment among traders. Technical indicators suggest continued weakness unless bulls act quickly. The current price of $10,581 marks a 38.47% drop from April highs near $14,500.
Source: HasanXBT
Previously, the token surged over 90% in mid-April, jumping from $7,500 to $14,500. However, a sharp correction followed, dragging the price back toward $10,000. Historical data show $10,000 as a major support and resistance level. A break below could push the token into the sub-$9 region.
Moreover, volume spikes aligned with major price swings hint at classic boom-bust dynamics. Despite political momentum, chart patterns suggest bearish pressure may persist short-term. Consequently, traders are closely watching $10,000 as a critical inflection point for the TRUMP token.
