Key Insights:
- Most top holders of the $TRUMP memecoin reportedly sold their tokens immediately after the Trump Crypto Gala.
- Only 8 out of the top 25 $TRUMP holders maintained their balances post-event.
- The $TRUMP token saw a 20% price decline from its high on the day of the dinner, now sitting around $12.9.
The much-awaited Trump Crypto Gala turned up some interesting aspects across major crypto cycles. While the dinner itself was a success on many fronts, most of the attendees who held massive amounts of the $TRUMP memecoin to secure invites appear to have sold off their tokens. Within hours of the event, both the token’s price and its stability have evaporated into thin air, as $TRUMP went into a freefall.
Most Top Holders Cashed Out Before the Event
According to on-chain data from Solscan, only eight out of the top 25 $TRUMP token holders maintained any balance in their wallets on the day of the event. The rest likely transferred their holdings to centralized exchanges like Binance and Coinbase, in what appears to be a mass cash-out. This stands as a major shift from the 12 May snapshot, which was used to determine VIP eligibility.
The snapshot in question showed an average holding of $4.78 million among the top 25.
However, by the day after the dinner, that average had dropped to just $2.11 million.
The only reason why this number wasn’t lower was mostly because of two mega-holders, including Justin Sun and MemeCore.
Sun, the founder of the Tron blockchain, still holds nearly his entire balance (about 1.4 million TRUMP tokens, worth $18.8 million) as of writing. He publicly thanked Trump on X, calling it an honor to attend the gala.
As mentioned, MemeCore also retained its balance. The rest, however, bailed at the first chance they got.
A Shallow Evening?
The gala itself was star-studded on paper. However, it left many attendees underwhelmed.
Among the 220 guests were crypto influencers, blockchain executives like Sandy Carter of Unstoppable Domains, and even former NBA player Lamar Odom, who used the occasion to plug his own token, $ODOM.
Trump’s appearance was brief, according to one guest who spoke to CNBC. He appeared for just 23 minutes, gave a short speech in which he recycled old pro-crypto talking points.
However, he skipped the photo ops and exited immediately via helicopter. There was little interaction with attendees, especially those outside the top 25 wallets.
Trump Token Reacts
According to data from CoinMarketCap, the TRUMP token is down by around 3.5% over the last 24 hours before writing. Moreover, the token has dropped by around 20% from a high of $15.9 on Thursday (the day of the dinner) to a current price of $12.9.
The interesting aspect of this price action is that the token initially rose by around 11% on Thursday, before tapering off after being rejected around the $16 resistance level. This goes without saying that the memecoin needs to clear this resistance, if it is to have any hope of continuing further towards the upside.
While TRUMP appears to enter a freefall, on lower timeframes like the 4-hour mark, 50-, 100- and 200-period Simple Moving Averages (SMA) are great sources of dynamic support.
According to the 4-hour timeframe on the charts, TRUMP is holding on dearly to the 200-period exponential moving average (EMA) around this $12.9 price level (where it currently sits) This would mean that a decline below this price level could create a price retest around the $10.44 support.
If this support fails too, TRUMP could be in for another revisit of the $7.36 zone.
Considering all of the above, investors should remain cautious and watch out for any breaks below $12.9.
