TRUMP team moves $29M as memecoin sellers dominate, risks $2
Crypto tracking firm Lookonchain says wallets linked to the TRUMP memecoin team transferred nearly $29M worth of TRUMP tokens, including deposits to BitGo custody. The latest moves included 4.915M TRUMP tokens (about $12.09M) to a labeled wallet, followed by a further 7M TRUMP tokens (about $17.22M) deposited to BitGo. The same wallet has shifted about 7.5M TRUMP tokens over the prior three weeks, leaving roughly 1.5M TRUMP tokens still held.
Traders read large transfers to custodians/exchange-related wallets as a potential precursor to selling, even though the article notes this does not confirm immediate liquidation. Price reaction has been muted: TRUMP was still around $2.40 after the transfers, but bearish technicals suggest downside.
Spot trading data shows sellers dominating across the memecoin market. The Spot Taker Cumulative Volume Delta (CVD) has remained negative for an extended period, a pattern that often indicates aggressive sell flow overwhelming buys—typically worsening liquidity and accelerating drops.
On the chart, TRUMP’s Balance of Power indicator sits in negative territory (about -0.68), while the Aroon Oscillator has stayed negative for nearly two weeks (around -28 recently). Analysts warn TRUMP could lose nearby support around $2.30 and slide toward $2.00 if the weakness persists and team-linked wallets continue moving tokens.
Separately, U.S. regulatory developments are in focus ahead of the May 14 CLARITY Act Senate Banking Committee markup, with Stand With Crypto saying it will score recorded votes on the bill.
Bearish
The $29M TRUMP token movements to a BitGo custody address are being treated as a sell-prep signal. Even without confirmed liquidation, this kind of concentrated transfer to custodian/exchange-related flows often precedes increased supply over the following sessions. Coupled with persistently negative Spot Taker CVD, the order-flow balance suggests sellers are currently more aggressive than buyers.
Technically, TRUMP’s negative Balance of Power and a sustained negative Aroon Oscillator align with a trend phase where downside can extend once support breaks. The article’s “watch $2.30 then $2.00” framework is consistent with prior memecoin cycles: when bearish momentum is reinforced by negative volume delta and whales keep relocating tokens, price frequently drifts or steps down before any recovery attempt.
Short-term: elevated sell sentiment and possible additional wallet activity can pressure TRUMP below support. Long-term: if regulatory clarity (e.g., CLARITY Act progress) boosts broader crypto risk appetite, TRUMP may eventually stabilize—but the immediate tape is dominated by selling dynamics, making rallies harder to sustain.