Crypto whales have been aggressively accumulating the TRUMP memecoin ahead of an exclusive luncheon at US President Donald Trump’s Mar-a-Lago residence scheduled for April 25, blockchain data shows.
One whale withdrew approximately 105,754 OFFICIAL TRUMP tokens from Binance on Saturday, adding to an existing stash of 1.13 million TRUMP worth about $3.2 million, according to blockchain analytics firm Lookonchain in a Sunday X post.
Two days earlier, another whale withdrew 850,488 TRUMP from crypto exchange Bybit. On Monday, a third holder increased their TRUMP holdings to more than 368,000 tokens after withdrawing from BitMart, while a fourth whale boosted their stash to over one million tokens following a withdrawal from Bybit, blockchain explorer Solscan data revealed.
The accumulation activity comes as the top 297 token holders prepare to attend the exclusive luncheon at Trump’s Florida residence. The event bills the president as the keynote speaker and offers a private reception for the top 29 holders.
The luncheon is scheduled for the same day as the White House Correspondents’ Association Dinner in Washington, DC, raising eyebrows among political observers.
Critics have accused Trump of using his position as US president for personal financial gain through the memecoin scheme. Democratic lawmakers have introduced bills aimed at limiting political influence and profits from memecoins.
Despite the whale accumulation, the TRUMP token has experienced significant price erosion since the luncheon was first announced in March. The memecoin has dropped more than 33% from its post-announcement peak, trading at $2.80 as of Monday, according to CoinGecko data.
Trump’s March announcement of the luncheon initially sparked a rally, with TRUMP spiking to $4.35. However, the token has been unable to maintain those levels amid persistent selling pressure.
Dominick John, an analyst at Zeus Research, told Cointelegraph that retail-driven market selling is overwhelming already thin liquidity, forcing continuous repricing downward. “At the same time, insider supply overhang means even small distributions from concentrated wallets can absorb whale bids, limiting any meaningful upside follow-through,” John explained.
The token’s ownership remains highly concentrated. Crypto data analytics platform CoinCarp lists 642,882 TRUMP holders, with over 91% of the supply concentrated among the top 10 wallets and over 97% among the top 100 wallets.
This concentration has raised concerns about market manipulation and the potential for large holders to significantly impact price action through coordinated buying or selling.
The upcoming Mar-a-Lago event is not Trump’s first crypto-related gathering. The president held his inaugural “crypto gala” dinner in May 2025, a few months after his January 20 inauguration. That event also drew criticism from those who accused him of leveraging his political position for personal financial benefit.
The token’s price action around the May event followed a similar pattern to current market behavior. TRUMP peaked at $15.59 about a month before the crypto gala, then fell as the event approached. The token continued declining to around $8.90 approximately one month after the dinner.
Despite the current downward pressure, John suggested the token could stage a recovery, citing the 2026 midterms as a potential sentiment multiplier. He noted that positive announcements, catalysts and early signs of institutional accumulation could help establish a price floor and trigger upside momentum.
“One catalyst to watch is the potential for event-driven launches like the Trump Billionaire Game, which could generate the social buzz needed to drive short-term upside momentum,” John said.
The TRUMP memecoin launched in January 2025 as an official token associated with the president, becoming one of the most controversial digital assets in the cryptocurrency market. Its price has been highly volatile, driven by political developments, Trump’s public statements and broader market sentiment.
The April 25 luncheon represents the latest intersection of cryptocurrency, politics and celebrity culture, highlighting the ongoing debate about elected officials’ involvement in digital asset projects and potential conflicts of interest.
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