Wallets linked to the deployer of the TRUMP memecoin have transferred nearly $94 million in USDC to Coinbase over the past three weeks, drawing renewed scrutiny over how liquidity tied to the token is being unwound.
According to on-chain data highlighted by analyst EmberCN on Dec. 31, the funds originated from single-sided liquidity positions on Meteora, where the deployer supplied only TRUMP tokens within specific price ranges. As trades executed, the tokens were automatically sold into USDC, which was then sent to Coinbase.
This approach has become a recurring exit mechanism for wallets associated with both the TRUMP and MELANIA tokens. Rather than selling directly on spot markets, liquidity is gradually converted into stablecoins before being transferred to centralized exchanges. Observers say the pattern points to coordinated activity rather than isolated transactions.
TRUMP is listed on major exchanges including Coinbase, Binance, OKX, Bybit, Robinhood, and Kraken. Throughout 2025, wallets tied to the project have made repeated large deposits to these platforms. In June, around 3.53 million TRUMP tokens, valued at roughly $32.8 million, were sent to Binance, while earlier transfers exceeded 12.5 million tokens, worth more than $150 million across multiple exchanges.
Although some transfers have been framed as liquidity provisioning, the scale and frequency have fueled speculation about sustained selling pressure. At the time of writing, TRUMP traded at $4.96, up 1.2% on the day but down 15% over the past month and about 93% below its January peak of $73.
The project recently announced a $1 million gaming campaign aimed at reviving engagement as activity slows. Still, market sentiment remains divided, with critics pointing to deployer control, opaque liquidity mechanics, and persistent exchange inflows as ongoing risks.
Donald Trump has been linked to the token through licensing arrangements and reported allocations connected to MAGA-branded crypto ventures. Estimates suggest his crypto-related holdings have added more than $1.2 billion to his net worth, adding political attention to the token’s on-chain activity.
