Trump-Backed Token Sees $130M Selling Pressure on Binance

A token backed by former US President Donald Trump's company has seen significant selling pressure on Binance, according to recent on-chain data. The USD1 stablecoin, with a total value of $130M, has been transferred to the exchange in three separate moves over four days.

The latest transfer, worth $30M, occurred just minutes ago, adding to the previous two transactions that totaled $100M. This sustained selling pressure on the Trump-backed stablecoin is causing traders to take notice, as they watch for follow-through volume that could impact short-term liquidity on the venue.

On-chain data from @OnchainLens shows that these transfers are part of a larger trend of exchange inflows, which may be influencing market activity. As the situation continues to unfold, crypto enthusiasts and traders will be keeping a close eye on further developments.