The official allocation wallet linked to the TRUMP meme coin project transferred 7 million TRUMP tokens, valued at approximately $17.22 million, to institutional custodian Bitgo on Sunday, May 11. The move reignites concerns over insider token movements and potential selling pressure on the already battered meme coin.
Pattern of Large Transfers to Bitgo
On-chain records show the team-controlled allocation wallet first sent 4.915 million TRUMP to an intermediary address identified as 3S7zwP, which then deposited a total of 7 million TRUMP ($17.22 million) into Bitgo's custody infrastructure. This transaction is not an isolated event — it follows two previous significant transfers over the past year. In January 2025, the meme team sent approximately 9 million TRUMP tokens (worth $31.45 million at the time) to Bitgo's institutional wallets, followed by another 6.97 million TRUMP ($23.18 million) to the same custodian. Sunday's transfer marks the latest chapter in what has become a recurring pattern of large-scale token flows from team wallets.
Bitgo, a leading institutional custodian known for multi-signature security and cold storage infrastructure, is commonly used by exchanges, funds, and project teams to manage and secure large digital asset holdings. While custody transfers do not automatically signal an intent to sell, the timing and scale of these movements have historically preceded exchange-side activity for the TRUMP token.
Token Under Severe Pressure
TRUMP, a Solana-based meme coin launched days before Donald Trump's presidential inauguration in January 2025, reached an early peak but has since crashed by approximately 96%. In recent weeks, it has traded between $2.40 and $2.96. The token's dramatic decline has not deterred the project team from continuing to actively use its allocation wallet.
The repeated on-chain movements have drawn the attention of US lawmakers. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal are investigating the TRUMP token, expressing concerns over conflicts of interest and the financial risks posed to retail investors who may not fully understand the project's tokenomics or team allocation structure.
With 80% of TRUMP's total supply controlled by Trump-affiliated entities and subject to a three-year vesting period, any visible movement from allocation wallets naturally raises alarms. The three-year lock-in does not prevent smaller tranches from flowing through custodians, and the repeated pattern of transfers from Bitgo to exchanges — as seen in previous instances — has consistently weighed on the price.
As Bitcoin trades around $81,000 and overall crypto sentiment remains cautious, TRUMP retail holders face an asymmetric risk: a token already down 96% from its peak, with a well-funded insider wallet continuing to move tokens through institutional channels.