President Donald Trump joked about seeking a fourth term as millions of dollars in his namesake meme coin moved toward exchanges.
Trump used the White House Correspondents’ Association dinner to revive one of his longest-running political provocations, pulling out a red “Trump 2028” hat and declaring that he intended to run again.
He joked:
“I’m pleased to announce my intention to, and this is somewhat of a scoop, my intention to run for a fourth term as president of the United States. I won three times. Now I’m going to do it again.”
Trump has repeatedly claimed he won the 2020 election, which he lost to Joe Biden.
Around the same time, wallets associated with the team behind Official Trump memecoin moved 10.84 million TRUMP tokens worth roughly $16.91 million, blockchain tracker Lookonchain reported.
The assets appeared likely to be routed through crypto custodian BitGo before potentially reaching exchanges. No sale has been confirmed.
The two developments are not directly connected. But their timing puts renewed attention on a cryptocurrency built around Trump’s political brand as its price falls, and more project-controlled tokens move through the market.
Crypto bettors dismiss Trump’s fourth-term odds as token transfers mount
Trump’s latest 2028 tease faces a constitutional obstacle that prediction-market traders see little prospect of disappearing soon.
The 22nd Amendment prevents a person from being elected president more than twice. Trump, who won the 2016 and 2024 elections, acknowledged during his speech that he was joking before later producing the 2028 hat and announcing what he called his fourth campaign.
Traders on Polymarket assigned just a 4% probability to a contract asking whether presidential term limits would be repealed or altered this year.
The market had generated less than $20,000 in trading volume, suggesting limited conviction that the constitutional restriction will change before the end of 2026.
The token movements, meanwhile, are part of a more sustained trend.
Lookonchain said project-linked wallets have moved 48.25 million TRUMP, worth about $172.4 million, across three batches over the past five months. TRUMP has fallen more than 66% during that period and traded around $1.55, down about 3% over the previous 24 hours.
The sequencing does not establish that the transfers caused the decline. Moving tokens to custodians or exchanges can serve several purposes, including liquidity provision, market making, distributions, or eventual sales.
Previous transfers, however, have followed similar routes. Blockchain records cited by analysts show earlier TRUMP movements passing through BitGo before reaching exchanges, adding scrutiny to each new batch as more of the token’s supply becomes available.
Project-linked wallets move more supply as TRUMP sinks
The latest movement comes as the project expands liquidity programs while preparing to use more of its unlocked token inventory.
Earlier this month, the TRUMP team said development had focused on market depth, new trading venues and ecosystem expansion.
Its Kamino campaign distributed about 114,000 TRUMP as incentives for users providing liquidity, while a TRUMP-SOL pool grew from about $2,000 when it launched in March to a peak of $1.66 million in May.
The team also established pools on Orca and Raydium and said liquidity providers were supporting trading across centralized and decentralized venues.
The project has separately disclosed plans to selectively deploy, sell, distribute or monetize portions of unlocked inventory to fund partnerships, acquisitions, token dispositions and other initiatives. Those disclosures provide broader context for the wallet movements but do not establish the purpose of the latest transfer.
The activity is taking place after a steep reversal in TRUMP’s market value. The token surged to a record $75.35 shortly after its January 2025 launch but has since surrendered almost all of that advance.
A Reuters investigation published in June estimated that the meme coin generated more than $1.2 billion in total revenue and that the Trump family received roughly $616 million from the venture.
However, the economics for many buyers moved in the opposite direction.
Reuters estimated that investors who bought TRUMP had accumulated more than $700 million in losses.
Those losses were not evenly distributed. Some early traders and larger holders made substantial profits, while many later buyers were left holding tokens worth significantly less than their purchase prices.
The divergence has put particular focus on the structure of TRUMP, where entities affiliated with the project control a large share of supply while tokens are gradually released under a multi-year unlock schedule.
VIP rewards give top holders reasons to stay invested
As more token supply enters circulation, the project is giving its largest holders additional reasons to keep their holdings through a Trump Coin Club, which is a recurring rewards program.
The club links access to major sporting events with leaderboard rankings based on TRUMP holdings. Participants accumulate higher scores by holding more tokens for longer periods, giving top holders an incentive to maintain or increase their positions.
The model was first put to use during the recently concluded FIFA World Cup. The top 19 holders qualified for a three-day experience surrounding the tournament final at MetLife Stadium in New Jersey, including access to a private suite.
That format is now being extended into other events. The next competition will send the top 23 TRUMP holders to the Formula 1 Singapore Grand Prix from Oct. 9 through Oct. 11 for another three-day suite experience.
World Cup participants also have an advantage in the new contest. Holders who maintained their token balances after the July 5 snapshot receive a 10% boost based on their final World Cup score. Dropping below that balance removes the bonus, while selling the entire position eliminates the holder from the leaderboard. Final rankings will be locked Sept. 30.
The Coin Club is already promoting another holder event around Super Bowl LXI in Los Angeles in February 2027, signaling that this is developing into a broader calendar of rewards tied to TRUMP ownership.
The structure gives the token an additional use beyond market trading while tying its highest-value perks to continued ownership. That incentive is becoming more relevant as TRUMP trades near its lows and project-linked wallets continue moving additional supply.