Wallets connected to the deployer of the Official Trump (TRUMP) token have transferred $94 million in USDC to Coinbase over the past 21 days, executing a stealth liquidation strategy on the Solana-based protocol Meteora. The flows, identified by on-chain analyst EmberCN, mark one of the largest treasury exits for the project since its January 2025 launch.
The "Single-Sided" Exit Mechanism
The deployer did not sell the tokens via standard market orders. Instead, the team utilized Meteora’s DLMM (Dynamic Liquidity Market Maker) to provision "single-sided liquidity." In this structure, the team deposited only TRUMP tokens into a liquidity pool within a specific price range. As market demand pushed the price through that range, the protocol automatically converted the TRUMP position into USDC.
"These USDC originated from their single-sided liquidity sales on Meteora… The moment the conversion was done, the USDC was sent to Coinbase." EmberCN
This method functions effectively as a grid of limit orders, allowing the team to exit large positions with minimized price impact compared to a spot market dump. Once converted, the stablecoins were systematically bridged and routed to Coinbase deposit addresses.
Pattern Recognition: The MELANIA Connection
This specific liquidation vector mirrors recent activity observed in the MELANIA token, another asset linked to the Trump crypto ecosystem. Analysts note the identical operational security (OpSec) and bridging patterns suggest a coordinated treasury management strategy rather than individual whale activity. The move has reignited concerns regarding the project’s long-term alignment, particularly as the token trades at $4.92, down over 93% from its all-time high of ~$73.
Institutional volume on the asset has dried up significantly following the transfer, with the $94 million exit representing a substantial portion of remaining on-chain liquidity depth.
