Whales Are Accumulating TRUMP Memecoin Again for Trump’s Luncheon

Key Insights

• Two TRUMP whales moved over $2.5 million TRUMP tokens to private wallets in preparation for the Trump Luncheon.
• The leaderboard snapshot is scheduled for April 14, with several speakers already confirmed.
• Senate Democrats are investigating the event and the possibility of Trump profiting from it.

Whales are back to buying President Donald Trump memecoin TRUMP as the countdown to the Trump Gala looms. According to Lookonchain data, one whale, 8DHkza, moved 850,488 TRUMP tokens off Bybit. The transfer, worth $2.4 million, happened over two days.

This was not the only whale purchase, as another address 7EtuAt also withdrew 105,754 TRUMP from Binance. That address now holds 1.13 million TRUMP tokens valued at $3.2 million.

Whales Withdrawing TRUMP to Wallets to Secure Gala Eligibility

The rise in withdrawals from exchanges to wallets is preparation for the exclusive luncheon at Mar-a-Lago.

The Crypto & Business Conference was announced a month ago. Organizers promised exclusive invites to the top 297 TRUMP token holders.

With the top holders selected based on a leaderboard, whales have been accumulating to boost their chances. The cutoff date, initially scheduled for April 10, was extended by 4 days to April 14.

Interestingly, the event organizers have also announced that 18 speakers will be participating. Some of the announced speakers include major global figures.

Legendary boxer Mike Tyson will join the lineup. Upbit chairman Chi-Hyung Son, venture capitalist Tim Draper, Ark Invest CEO Cathie Wood, and Tether CEO Paolo Ardoino will also speak.

The top 29 TRUMP token holders have been promised VIP access to the speakers. They will also get the chance to take pictures with them. All attendees are set to receive special goodies. That includes a Trump fragrance, a commemorative poster, a collectable trading card, and a watch.

New Trump Luncheon Attracts Senate Democrats’ Scrutiny

Meanwhile, the event has drawn scrutiny of Trump’s crypto ventures. Democrats on the U.S. Senate Banking Committee have launched an investigation.

In a letter to Fight Fight Fight LLC, three senators demanded clarity. Elizabeth Warren, Adam Schiff, and Richard Blumenthal requested documents. They asked whether Trump was involved in planning and promoting the conference.

The letter raised concerns about how Trump stands to profit. It added that the event’s promoters are promising access to the president on a day he may not actually be able to attend.

They wrote:

Interestingly, the letter noted that the conference announcement caused a surge in the price of the TRUMP token. Those gains have proven short-lived, with the token now trading in the region where the conference was originally announced.

The memecoin is unlikely to return to its previous highs. It is down almost 2% in the past seven days and has lost 42% of its value year to date. Overall, TRUMP is down 96% from its peak value.

Critics of Trump believe the TRUMP token has cost retail investors billions. The letter from Senate Democrats noted that the crash of TRUMP and MELANIA wiped out around $4.3 billion in retail wealth. However, insiders reportedly made massive profits.

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