The official allocation wallet linked to the TRUMP meme coin project transferred 7 million TRUMP tokens, worth approximately $17.2 million, to institutional custodian Bitgo on Sunday, reigniting concerns about insider token movements and potential selling pressure.
Transfer Details: Third Large Inflow to Bitgo
On-chain data shows the team's allocation wallet first sent 4.915 million TRUMP to an intermediary wallet labeled 3S7zwP, which then deposited a total of 7 million TRUMP (valued at $17.2 million) into Bitgo's custody system. This is not an isolated event: in January 2025, the team transferred approximately 9 million TRUMP ($31.45 million at the time) to Bitgo, followed by another 6.97 million TRUMP ($23.18 million). Sunday's transfer represents the third such large-scale movement, highlighting a recurring pattern of the team wallet shifting tokens to the custodian.
Bitgo Custody: Precursor to Selling or Routine Management?
Bitgo is a leading institutional custodian known for its multi-signature security and cold storage infrastructure, commonly used by exchanges, funds, and project teams to manage large digital asset holdings. While a custody transfer does not automatically imply an intent to sell, the timing and size of such flows have historically preceded subsequent activity on exchanges. In both previous instances, TRUMP's price experienced notable declines after tokens entered Bitgo, reinforcing market anxiety about potential sell pressure.
TRUMP Token Status: Down 96%, Team Still Active
TRUMP is a Solana-based meme coin launched in January 2025, just before Donald Trump's presidential inauguration. The token once reached an all-time high but has since plummeted roughly 96%, recently trading between $2.40 and $2.96. Despite the severe price drop, the project team has not ceased using its allocation wallet. Approximately 80% of the total supply is controlled by Trump-affiliated entities and subject to a three-year unlocking schedule, but smaller batches can still exit via custodians. The previously observed path from Bitgo to exchanges has consistently weighed on price.
Regulatory Scrutiny: U.S. Lawmakers Investigate
These movements have attracted attention from U.S. lawmakers. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal are investigating the TRUMP token, focusing on potential conflicts of interest and the financial risks it poses to retail holders—many of whom may not understand the tokenomics or team allocation structure. With the broader crypto market cautious (Bitcoin hovering around $81,000), retail TRUMP holders face asymmetric risk: the token has crashed 96%, while well-funded insider wallets continue to move tokens through institutional channels.