TRUMP Memecoin Price Plummets After $6.2 Million Token Transfer

The TRUMP memecoin saw its price drop by nearly 33% after team-linked wallets moved $6.2 million in tokens to OKX, a centralized exchange.

This is not the first red flag for investors in the token, which has lost nearly 96% of its value since its peak in January. A report from Nansen data found that over 1 million TRUMP buyers were down around $3.8 billion at the end of June.

The timing of the transfer was particularly bad for late buyers who had ridden a sharp rally to a five-month high near $3.60, only to see the price drop to around $2.40 after the transfer.