Crypto whales have loaded up on more Trump meme coins ahead of a luncheon this month at US President Donald Trump’s Mar-a-Lago mansion in Florida. At this luncheon, admission will be given to the largest holder.
According to an X post by blockchain analysis firm Lookonchain on Sunday, a whale withdrew approximately 105,754 OFFICIAL TRUMP (TRUMP) coins from Binance on Saturday, adding them to a stash of 1.13 million TRUMP coins worth approximately $3.2 million.
Two days earlier, another whale withdrew 850,488 TRUMP from cryptocurrency exchange Bybit.
Blockchain exploration firm SolScan said on Monday that it had increased TRUMP’s stash to more than 368,000 tokens after another owner withdrew from Bitmart, and increased its stash to more than 1 million tokens after a fourth whale withdrew from Bybit.
Critics have accused Trump of using his position as president of the United States for personal financial gain through the plan. Democratic lawmakers have also introduced bills that would limit the political influence and profits from meme coins.
The top 297 token holders will be invited to a luncheon on April 25th at President Trump’s Mar-a-Lago mansion. The event named the president as the keynote speaker and provided a private reception for the top 29 holders, even though the White House Correspondents Association dinner in Washington, D.C., was held on the same day.
TRUMP has fallen 33% since its March announcement.
After President Trump announced the March luncheon, the TRUMP price soared to $4.35. However, the meme coin has since fallen more than 33%, trading at $2.80 as of Monday, according to CoinGecko.
Dominic John, an analyst at Zeus Research, told Cointelegraph that the price is likely being pushed lower as retail-driven market selling overwhelms already thin liquidity, forcing continued repricing.
“At the same time, the insider supply overhang means that even small distributions from concentrated wallets can absorb whale bids and limit meaningful upside follow-through,” he added.
Crypto data analysis platform CoinCarp lists 642,882 TRUMP holders, with over 91% of the supply concentrated in the top 10 wallets and over 97% concentrated in the top 100 wallets.
Tokens soar after crypto gala announcement last year
President Trump held his first “Crypto Gala” dinner in May 2025, months after he was inaugurated as US president on January 20, which also sparked concerns from critics who accused him of using his position for personal financial gain.
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The token peaked at $15.59 about a month before the event, but declined as the event approached, dropping to about $8.90 post-event.
John said this time, the token could show a recovery, with the 2026 midterm elections acting as a potential sentiment multiplier or other positive announcement. He said catalysts or early signs of institutional accumulation could establish a lower bound and trigger a reflexive upside.
“One notable catalyst is the potential for event-driven launches like the Trump Billionaire Game, which could generate the social buzz needed to fuel near-term upward momentum,” John added.
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