TRUMP Coin abandoned by the team? $94 million massive cash-out sparks rumors of "death"

Recently, wallets associated with the political concept coin TRUMP Coin transferred approximately $94 million USDC to mainstream CEXs within three weeks, sparking widespread market speculation that the project is “dead.”

On-chain analysts pointed out that this cash-out employed a sophisticated method similar to the previous liquidation of MELANIA tokens, using unilateral liquidity provision followed by phased sales to directly convert tokens into stablecoins. Although the project team is still attempting to revive the ecosystem through releases like themed mobile games, the suspected large-scale withdrawal of funds by the core team has undoubtedly sentenced TRUMP Coin to “death,” especially as its valuation has plummeted over 90%. This incident also exposes the fragility of political meme coins lacking real utility when faced with internal selling pressure.

$94 Million “Death Signal”: On-Chain Data Reveals Cash-Out Path

There are no secrets in the blockchain world; every transfer is a public testimony. Recently, a series of abnormal on-chain activities have once again put TRUMP Coin in the spotlight. According to monitoring by well-known on-chain analyst EmberCN, over the past three weeks, wallets associated with TRUMP Coin deployers have continuously transferred a total of about $94 million USDC to the centralized exchange Coinbase. Such large-scale, systematic fund transfers are seen by the crypto community as more than ordinary asset reallocation; they are highly likely to be a carefully planned exit by the project’s core team.

A detailed analysis of the cash-out method reveals that it is quite professional and covert. Reports indicate that the team did not sell large amounts at market price directly on decentralized exchanges (DEXs), which could cause a sudden price crash. Instead, they first provided unilateral liquidity for TRUMP tokens on Meteora, a Solana-based DEX project, then, within pre-set price ranges, sold the tokens in batches and exchanged them for USDC. The core of this strategy is to allow the seller to convert large token holdings into stablecoins in an orderly manner without overly impacting the immediate market price—a form of “soft” liquidity extraction. Even more alarmingly, the same technical approach was previously used to liquidate another related project, MELANIA. The repetition of history deepens market suspicion that TRUMP Coin has been abandoned by its team.

This is not the first time TRUMP tokens have experienced suspected team sell-offs. Looking back at its brief history, large transfers to exchanges have occurred multiple times. As early as April this year, tokens worth about $19.6 million were deposited into major CEXs like Binance and OKX. Following that, in May, on-chain trackers marked a single transfer of 3.5 million TRUMP tokens (worth about $52.6 million at the time) sent to an exchange. These series of actions clearly depict ongoing insider cash-outs, contradicting the project’s public claims of “building an ecosystem.”

Key On-Chain Cash-Out Events of TRUMP Coin

Timeline: April 2024 to Present

• April Event: Associated addresses deposited about $19.6 million worth of TRUMP tokens into multiple major CEXs.
• May Event: A single transfer of 3.5 million TRUMP (then valued at about $52.6 million) to an exchange.
• Recent Event (within 3 weeks): Using Meteora DEX’s unilateral liquidity strategy, phased sales and transfers of about $94 million USDC to Coinbase.
• Historical Strategy: The same cash-out approach was previously used to liquidate related token MELANIA.

From Peak to “Death”: TRUMP Coin’s Liquidity Extraction Journey

Crypto expert Ardi described the rise and fall of TRUMP Coin earlier this month as one of the “most severe liquidity extraction events in the industry.” This assessment is not unfounded. Looking at its market performance, TRUMP’s fully diluted valuation (FDV) once soared to over $67 billion—an astonishing figure surpassing many top blockchain projects with mature products and user bases. However, this house of cards, built on social media hype and political topicality, ultimately succumbed to gravity. Its market cap then collapsed, dropping over 90%, leaving chaos behind. This rollercoaster journey exemplifies the enormous risks inherent in meme coins lacking fundamental support.

Market attention is rapidly shifting, worsening TRUMP Coin’s predicament. According to some industry observers, members related to Trump’s business circle seem to have shifted their interests and resources to other new crypto projects, such as the recently emerging World Liberty Financial Token. This shift in focus is deadly; it means not only external funds are withdrawing but also that the project’s core driving forces may be seeking new “narratives” and “battlefields.” For a token heavily reliant on community consensus and sustained hype, losing internal support is akin to having its backbone pulled out.

So what exactly is TRUMP Coin? Fundamentally, it is a meme coin born on the Solana blockchain, with its core value proposition deeply tied to the personal image and political brand of former US President Donald Trump. Like many meme coins, it has no whitepaper, no clear utility roadmap, and a simple tokenomics model. Once liquidity pools are created, token distribution and inflation mechanisms are often controlled by the deployer, leaving ample room for insider manipulation. Its price fluctuations are almost entirely driven by market sentiment, social media discussions, and on-chain activities like this event. This large-scale cash-out exposes the dark side of such projects: when creators choose to take profits, followers’ faith can instantly evaporate.

Ecosystem Efforts Fail to Reverse the Tide: Discrepancy Between Team Actions and Market Reality

Ironically, while on-chain data continues to signal “death,” the official TRUMP Coin team appears to still be trying to create a thriving scene. Last month, they announced a Trump-themed mobile game aimed at providing “expanded utility” for TRUMP tokens. Additionally, they launched TrumpWallet, a branded wallet and trading interface designed to attract new users into their ecosystem. Early access participants in the game were even promised a share of $1 million in tokens. These initiatives suggest that, on the surface, the team is still attempting to build a richer application scenario to escape the label of mere meme coin.

However, the market is not convinced. The core reason is that these “ecosystem building” efforts sharply contrast with the suspected large-scale cash-outs by the team. Investors see that if the team truly believed in the project’s long-term value, they should hold rather than sell core assets. While they paint a rosy future, their continuous draining of funds from the pool severely erodes the fragile trust base. Therefore, no matter how sophisticated the new game or wallet design, in the face of $94 million cash-out, these efforts appear pale and are even interpreted as “smoke screens” to maintain hype for further exit.

This dilemma also reflects the broader challenges faced by political-themed meme coins. Their lifecycle heavily depends on the popularity cycles and public sentiment of specific political figures, making their “utility” often hollow. Although industry figures like Solana co-founder Anatoly Yakovenko have jokingly proposed launching competitive tokens like “Trump Corruption” to deconstruct such phenomena through fair launch mechanisms, they have not changed the fundamental speculative nature of the space. The case of TRUMP Coin may serve as an important risk reference for future assessments of similar projects.

Aftershocks and Lessons: Reflecting on Meme Coin Frenzy

The turmoil surrounding TRUMP Coin is far from over, and its subsequent impact warrants deep reflection from all market participants. First, for investors still holding this token, extreme caution is advised. With the core team suspected of liquidating and market attention shifting elsewhere, any rebound may be baseless, with risks outweighing potential gains. Investors should focus more on the substance of on-chain data rather than promotional statements on social media.

Second, this incident serves as a warning to the entire crypto market, especially the meme coin sector. It once again proves that no matter how dazzling the narrative, projects lacking real value capture, with opaque tokenomics and centralized control, are likely to become liquidity extraction games targeting retail communities. Regulators may also take this as an example to strengthen scrutiny over so-called “celebrity tokens” or “political tokens” suspected of fraud and market manipulation.

Finally, from a macro perspective, the rise and fall of TRUMP Coin is a microcosm of the cyclical hype and cooling in the crypto market. It reminds us that participating in this high-volatility, high-innovation space requires independent research, understanding underlying logic, and being vigilant against asymmetric advantages held by insiders. While market memory may be short, on-chain records are eternal. Those attempting to disconnect communities from long-term project interests will ultimately be exposed under the spotlight of blockchain. For builders, constructing truly sustainable, value-sharing ecosystems rather than short-lived speculative bubbles is the only right path forward.