TRUMP Memecoin Developer Pulls Liquidity Ahead of Massive Unlock

The TRUMP memecoin is set for its first round of team and investor unlocks tomorrow, and the token’s developer has withdrawn $4.6 million of liquidity and sent it to Coinbase ahead of the event.

The wallet movements were flagged by LookOnChain, which showed address Lr5G7, which deployed the TRUMP token and sent 80% to the team, pulling $4.6 million worth of USDC out of the liquidity pools on April 15.

The removed USDC was then bridged to Ethereum and off-ramped to a Coinbase wallet, which may indicate an impending cash out to fiat.

While this is not the first time the developer has removed liquidity from the pool, it is the wallet’s first action since Feb. 5. Notably, the liquidity removal comes less than 48 hours before the team’s first token unlocks on April 17.

The cliff event will be the token’s first, with 40 million TRUMP tokens – 20% of the circulating supply currently valued at $310 million – being unlocked.

One of Lr5G7’s first actions after deploying TRUMP was sending 80% of the total supply to the Official Trump Meme Team’s wallet, presumably belonging to CIC Digital LLC, the Trump-affiliated entity that launched both the memecoin and some of Donald Trump’s NFT collectibles.

The move is slightly odd, considering that liquidity removal could increase the price impact of large token sales if they were to occur. However, the TRUMP memecoin still maintains $326 million in liquidity despite being mired in a protracted downtrend.

The token currently trades at $7.75, after topping out at $75 per token on Jan 19, a day ahead of Trump’s inauguration.