Whales are quietly accumulating TRUMP as prices dip, onchain data shows

US President Donald Trump’s memecoin TRUMP has drawn the attention of whales. Onchain data shows that whales are accumulating the memecoin despite its poor performance. 

Trump’s memecoin, TRUMP, has witnessed renewed interest among whales in the last week despite the memecoin’s prices declining. On the other hand, retail investors are dumping the memecoin. Data from the blockchain analytics platform Nansen shows that the memecoin’s whale supply has surged by 13.48% over the last seven days, despite the crypto asset plummeting during the same period. 

Whales buy TRUMP token despite its 99% decline, Nansen’s data shows

Nansen’s data shows that a whale with wallet address 3B7XAQrL, holding 2.19 million tokens purchased at an average cost of $7.32, added another 253k.7k tokens this week despite his holdings losing more than 60% of their value since purchase. Another whale, under the pseudonym SOL millionaire, with the wallet address CreQJ2t9, added 104k tokens to his holdings, bringing his total to 385,823 tokens.

The data from Nansen also revealed that the TRUMP coin has received more than $786k in the last seven days, with exchange outflows totaling $5.2 million. The memecoin also witnessed fresh wallet activity worth $1.8 million, indicating that the memecoin was witnessing a surge in new buyers.  The whale inflow into TRUMP alongside CEX outflows and the rise in fresh activity from new buyers are indications of accumulation. 

The recent whale purchases go in tandem with TRUMP’s spot flows. According to data from Coinglass, spot inflows in the last seven days stand at $45 million, while outflows amount to $44.21 million, bringing the memecoin’s net flow to a positive figure of $884.06K.On the other hand, TRUMP’s futures markets show a different story. The net inflow of the memecoin’s future in the last seven days was $268.94 million, while the outflow was $291.12 million, bringing the net outflow of the memecoin to $22.19 million. 

TRUMP has declined by more than 16% in the last seven days, according to data from crypto data aggregator CoinMarketCap. The data also shows that the memecoin is down 96.22% from its all-time high price of $75.35 recorded on January 19, 2025. The memecoin is currently trading at $2.81 and has a market capitalization of $655.39 million.

Trump unveiled his memecoin on January 18, 2025, which drew significant attention ahead of his inauguration. He also launched the Melania memecoin on the Solana blockchain, which reached an all-time high of $13.73. Since then, the memecoin has plummeted by 99.19% and is currently trading at $0.1112. MELANIA’s market cap has declined significantly to $111.22 million. 

Memecoin index dips amid crypto market stagnation

As Trump’s memecoins struggle, the crypto market is slowly making a comeback, with Bitcoin reclaiming $70k after trading below that level for nearly a month. The memecoin sector has seen a 4.9% surge in market capitalization over the last 24 hours, according to CoinGecko data. The sector’s leader by market cap, Dogecoin, is up 2.1% in the last 24 hours, while Shiba Inu follows with a 3% surge in the same duration.

Despite the recent memecoin surge, memecoins have not been performing well, especially since the start of the year. Data from MarketVector shows that the memecoin index, which tracks the performance of the 6 largest meme coins, is currently down 21% year to date and has declined by more than 65% over the last 6 months. The index is down 51.60% in the last year, according to the data.