New blockchain data has revealed that the majority of high-ranking $TRUMP token holders—those who earned exclusive access to President Donald Trump’s gala dinner—had already sold or moved their holdings before the event took place.
Using Solana block explorer Solscan, analysts found that only 8 of the top 25 wallets that qualified for VIP status still retained significant $TRUMP balances after the May 12 eligibility snapshot. The rest had transferred their holdings to centralized exchanges, suggesting a coordinated exit ahead of the highly publicized gathering at Trump National Golf Club.
Among the few notable exceptions was Tron founder Justin Sun. His wallet, which held 1.43 million $TRUMP tokens at the snapshot, remained largely intact post-event, with just under 1.4 million tokens still held—an amount worth nearly $19 million at the time of reporting. Sun later confirmed his attendance and support, posting on X that it was an honor to attend the dinner as the top $TRUMP holder.
While the gala was pitched as a celebration of long-term community commitment, the mass exodus of early whales indicates that many viewed the event as a strategic exit point rather than a gesture of lasting loyalty.
Top $TRUMP Whales Forfeit Rewards Amid Mass Token Transfers
Although the dinner was designed as a reward for the most committed $TRUMP backers, on-chain data suggests most of those invited had already reduced or eliminated their token exposure by the time they arrived.
Among the top 10 leaderboard wallets, only four retained their original token balances after the snapshot. One of those, linked to MemeCore—a Layer-1 meme coin platform—had not moved any of its holdings. The rest sent their tokens to major exchanges such as Coinbase, Binance, and Wintermute, a move often interpreted as profit-taking or hedging.
These transfers had real consequences. The combined holdings of VIP wallets have shrunk from an average of $4.78 million to just over $2.11 million. Two wallets alone now account for over $37 million in remaining value, suggesting the majority of participants cashed out.
Importantly, those who offloaded their tokens became ineligible for the “Diamond Hand” NFT—an exclusive collectible reserved for users who maintained their balances through the dinner date. Originally meant to reward long-term holders, the NFT now seems more like a limited badge for a shrinking pool of loyalists.
Token Dumping Sparks Political Fallout and Ethics Concerns
The large-scale selloff by many top holders has added fire to allegations that the gala was less about supporting crypto and more about paying for political access.
Observers and lawmakers have increasingly framed the dinner as a pay-to-play operation, where purchasing tokens effectively bought a seat at the president’s table. The optics have sparked public outcry and prompted legislative action.
More than 100 protesters assembled outside the dinner venue in Virginia on Thursday night, holding signs and chanting slogans condemning Trump’s financial ties to the $TRUMP coin. Activists from Americans for Tax Fairness, Public Citizen, and Our Revolution organized the demonstration, which featured a giant satirical coin labeled “Grift Gala.”
The backlash has also reached Capitol Hill. A new bill from Rep. Maxine Waters seeks to ban sitting presidents and members of Congress from financially benefiting from crypto ventures. Lawmakers have also called for ethics probes into the Trump family’s deeper ties to $TRUMP and related digital assets.
As political scrutiny intensifies, the $TRUMP meme coin saga continues to evolve into a cautionary tale about the intersections of blockchain, influence, and political fundraising.
Quick Facts
- Only 8 of the top 25 $TRUMP coin wallets still held tokens after the May 12 eligibility snapshot.
- Justin Sun retained nearly all his $TRUMP holdings and attended the dinner.
- Several VIP wallets sent their tokens to major exchanges like Binance and Coinbase.
- Token holders who sold before the dinner disqualified themselves from receiving the “Diamond Hand” NFT.
- Protesters and lawmakers have called the dinner a form of crypto-enabled influence-peddling.
