The identities of many of President Donald Trump’s Memecoin top holders were still unknown, but blockchain data has shown major leaks over the past seven days.
As of April 25th, Trump’s Memecoin has seen more than $869 million outflows over the past seven days compared to an inflow of around $96 million amid the top 500 changes, according to data from blockchain analytics firm Nansen. Several changes to Trump announced that top 220 Trump holders could meet him at a golf club dinner in Washington, D.C., and there would be fewer opportunities for White House tours.
“It’s clear that more people have had the opportunity to offload their Trump tokens than new buyers have come in,” Nansen said. “It appears there is some interest in a) securing dinner tickets or b) taking advantage of price volatility. As a result, some new wallets have entered the top 250 owners, while some previous owners seem to have taken the opportunity to quit their position.”
Released in January before Trump took office, his Memocoin, and his wife Melania Memoria, have seen criticism from US lawmakers and crypto industry leaders for potential conflicts of interest. At the time of publication, the identity of many of the top token holders and the potential applicants to attend dinner was unknown.
Who is investing in Trump Memo Coins?
As of April 25th, the Top Token Holder had 1,176,803 Trump Mimecoins worth around $16 million at the time of publication. The wallet holder under the username “Sun” led to speculation that Trump founder Justin San (an investor at World Liberty Financial, a crypto company supporter and investor) could be one of the dinner attendees. Cointelegraph contacted the Sun team for comments but did not receive a response at the time of publication.
https://www.youtube.com/watch?v=sumyysrjvzm
Related: Trump Memo Coin Team rejects rumors of $300K dinner requirements
Other token holders included usernames such as “Elon” and “Doge”, but it was unclear whether he was also an advocate for Tesla CEO Elon Musk (Doge). The team behind the Trump Token controls 80% of the total supply, with many critics suggesting that Trump or someone in his family can attack investors.
Before the 2024 election, Trump arranged a similar dinner on his Mar-a-Lago property in Florida and bought supporters who bought an inappropriate token depicting his mug shots during his arrest for allegedly attempting to destroy the outcome of the 2020 election. It is unclear whether any of the same people who attended the May 2024 event are one of the top memocoin holders.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
