The staff behind the official TRUMP meme coin sparks rug pull considerations amongst merchants after eradicating $4.6 million from its liquidity pool forward of a $320 million token unlock.
In a latest publish, on-chat information evaluation from LookOnChain revealed that builders of the presidential meme coin beforehand extracted a big chunk of USD Cash (USDC) from its liquidity pool, value $4.6 million. The USDC pile is later bridged to Ethereum (ETH) earlier than they had been deposited into Coinbase Prime.
Coinbase Prime is a brokerage platform that’s primarily used for institutional buyers. It provides institutional merchants quite a lot of on-chain providers together with buying and selling, financing, and custody of digital property.
Many merchants within the feedback part responded to this information by speculating {that a} large sell-off could also be on the way in which because the staff seems to money out on the token’s liquidity. Whereas it doesn’t point out a full exit, merchants have begun elevating considerations a few potential rug pull.
“When the dev strikes like that, it’s often one in every of two issues.. exit or reposition. Both approach, eyes on the subsequent transfer,” stated one dealer.
“Trump and dump transfer,” stated one other dealer.
Worth chart for official TRUMP meme cash, April 16, 2025 | Supply: crypto.information
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In the meantime, a unique person reacted to the transfer by posting a meme of a rug vendor with the textual content “I didn’t select the rug life, the rug life selected me.”
At press time, the official TRUMP (TRUMP) meme coin is down 2.72% up to now 24 hours. It’s presently buying and selling fingers at $7.87, which is sort of 90% decrease than the meme coin’s all-time excessive value at $73.43. Nevertheless, when in comparison with its historic low of $4.29, it’s nonetheless 83% increased.
Prior to now week, the token has gone up greater than 6%. The Solana (SOL)-based meme coin’s market cap stands at $1.5 billion, with a $350 million each day buying and selling quantity.
The latest withdrawal of $4.6 million in liquidity comes a day previous to the unlocking of 40 million tokens or 20% of the circulating provide, which is valued at roughly $320 million. These tokens, held by associates of the Trump Group, are scheduled to start out unlocking on April 17 and can proceed each day all through the subsequent two years.
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