- The Trump team threw $ 19.6m on tokens to raise CEXs before Trump's private dinner dinner.
- Senators are asking for an ethical investigation amid 70% price attack and market manipulation concerns.
- Futures oi and derivatives volumes have sank, showing market care despite the price rally.
Trump Coin Team sells $ 20m to tokens
The Trump Coin Team recently raised eyebrows after selling close to $ 20 million worth of tokens before an exclusive dinner that Donald Trump had arranged for major investors.
As per the on-chain data provided by the lookonchain, a wallet linked to the project moved around $ 19.6 million worth of tokens to the centralized exchange of Binance, OKX, and Bybit on April 29th.
Significant transfer of funds attracts attention to the entire crypto community, especially considering the timing.
The dump was only a few weeks ahead of a scheduled private dinner on May 22, where Trump could eat with the leaders of the top 220 holder of the Trump coin.
Dinner has developed many hypes in the Politifi community, which led to the token price that increased nearly 70% last week. However, the sale of the team's mass before the event provoked the rumors of the seller and insider manipulation.
Senators question Trump's investor dinner
Adding to the fire, democratic senators Elizabeth Warren and Adam Schiff urged a formal dinner investigation. In a formal letter to the US Office of Government Ethics, they raised a reminder that Trump's invitation contributed to a Boom of Trump's coin investment, increasing the market value of the token by approximately $ 100 million.
Like writing, the token costs $ 13.95. While investor demand remains in the higher parts, there are signs of relief in the derivatives market. Figures from coinglass showed a collapse in Trump's coin futures that open interest of 8% to $ 734 million and a collapse of 13% in the amount of trade of derivatives at $ 2.7 billion.
As the rumors spread and the eyes were on it, the Trump coin world was waiting eagerly. If this rally persists or a term driven by hype.
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