A wallet tied to the deployer of the TRUMP memecoin funneled roughly $94 million in USDC into Coinbase over the past three weeks, according to on-chain activity highlighted by analyst EmberCN on Dec. 31 — a move that shines a spotlight on how liquidity for the token is being unwound.
On-chain traces indicate the USDC came from proceeds generated by single-sided liquidity positions on Meteora. Instead of providing TRUMP paired with a stablecoin, the deployer reportedly supplied only TRUMP within a set price range. As trades occurred against that range, TRUMP was automatically sold into USDC — which was then routed to Coinbase. That pattern, seen across wallets linked to both TRUMP and MELANIA, suggests a repeated, coordinated exit strategy rather than one-off disposals: liquidity is being converted into stablecoins off-chain before hitting centralized exchanges.
TRUMP is listed on major platforms including Coinbase, Binance, OKX, Bybit, Robinhood and Kraken, and team-linked wallets have repeatedly moved large batches to exchanges through 2025. Notable previous flows include about 3.53 million TRUMP (around $32.8 million) sent to Binance in June, and earlier transfers totaling more than 12.54 million tokens — roughly $150.7 million — distributed across venues. While these transfers are sometimes described as liquidity provisioning, they have also fed speculation about sustained selling pressure.
Market performance reflects the pressure: at press time TRUMP traded at $4.96, up 1.2% on the day, but down 15% over the past 30 days and still roughly 93% below its January peak of $73. To revive engagement amid cooling activity, the project recently rolled out a $1 million gaming campaign, but community sentiment remains split.
Critics point to concentrated deployer control, opaque liquidity mechanics, and frequent exchange inflows as key risks. The token’s political associations add another layer of scrutiny: Donald Trump has been tied to the project through licensing arrangements and reported allocations connected to MAGA-branded crypto ventures, and estimates have suggested related crypto holdings have boosted his net worth by over $1.2 billion — a fact that increases public and regulatory attention on the token’s on-chain movements.
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