Wallets associated with the deployer of the TRUMP memecoin have transferred an impressive $94 million in USDC to Coinbase over the past three weeks. This movement has sparked renewed scrutiny regarding liquidity unwinding in the cryptocurrency market.
According to on-chain analytics by EmberCN, these transactions indicate a strategic approach where the funds appear to originate from single-sided liquidity on Meteora. This method involved the deployer supplying only TRUMP tokens, without pairing them with stablecoins, within a designated price range. As trades were executed, TRUMP tokens were automatically sold into USDC, which was subsequently routed to Coinbase.
This pattern of liquidity extraction has not only drawn attention to TRUMP but also to the MELANIA token, indicating a potentially coordinated trading operation rather than isolated actions by individual wallets.
Rather than liquidating directly on spot exchanges, this gradual conversion of liquidity into stablecoins before moving to centralized exchanges has become a notable trend. The implications of such movements are significant, especially since TRUMP is currently listed on several major platforms, including Binance, OKX, Bybit, Robinhood, and Kraken.
Throughout 2025, wallets linked to the TRUMP team have consistently deposited substantial amounts to these exchanges. In a previous instance from June, approximately 3.53 million TRUMP tokens, valued at around $32.8 million, were sent to Binance. Earlier transfers included over 12.54 million tokens, totaling an estimated $150.7 million across various venues.
Despite being characterized as liquidity provisioning, these actions have raised ongoing concerns about sustained selling pressure in the market. As of now, TRUMP trades at $4.96, reflecting a 1.2% increase on the day, although the token remains down 15% over the preceding 30 days and is approximately 93% off its peak of $73, reached in January.
In an effort to stimulate engagement amidst declining trading activity, the project has recently unveiled a $1 million gaming campaign. However, market sentiment remains divided. Critics cite issues such as deployer control, ambiguous liquidity mechanisms, and frequent inflows to exchanges as significant risks.
Notably, Donald Trump is connected to the token through licensing agreements and reported allocations associated with MAGA-branded cryptocurrency ventures. Estimates indicate that his involvement in crypto has contributed over $1.2 billion to his net worth, heightening scrutiny surrounding the on-chain activities of TRUMP.
