Large investors are accumulating the TRUMP memecoin ahead of an upcoming gala hosted by President Donald Trump at Mar-a-Lago on April 28. Data tracked by blockchain sleuth Lookonchain shows notable whale buying through centralized exchanges, with significant withdrawals of TRUMP tokens to private wallets.
Outflows from exchanges are interpreted as a sign of investors intending to hold tokens long-term, potentially reducing immediate sell-side liquidity. The accumulation coincides with an invitation-only luncheon reportedly for top TRUMP token holders. However, the token trades near record lows, facing pressure after reports on a controversial lending strategy.
Meanwhile, U.S. lawmakers, including Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal, have sent a letter to Fight Fight Fight LLC, seeking information on President Trump's involvement in the gathering and its potential financial benefits. The senators expressed concern over conflicts of interest and the profit motive in Trump's cryptocurrency ventures.