Geopolitical crises often spill into financial markets in unpredictable ways.
Sometimes the reaction shows up first in oil, currencies or government bonds. But in the digital asset era, the ripple effects increasingly appear on blockchains.
Over the past week, unusual activity has been building around a politically themed memecoin linked to the current U.S. president.
On-chain data suggests large investors quietly accumulated millions of tokens while prices were falling.
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Trump claims the U.S. has already "won" the Iran war
The speculation began after comments by Donald Trump during a campaign-style rally in Kentucky.
Speaking to supporters at a rally in Kentucky on March 11, roughly two weeks into the conflict involving U.S., Israeli and Iranian forces, Trump declared that the war had effectively already been decided.
"You never like to say too early you won. We won." Trump said at the rally.
Trump also told the crowd that Iranian military infrastructure had been heavily damaged, claiming the United States had "virtually destroyed Iran," while adding that U.S. forces would remain involved in the conflict.
"We don't want to leave early do we? We got to finish the job," he said.
Despite the declaration of victory, hostilities in the region have continued to intensify.
Data shows investors buying Trump token despite weak performance
While geopolitical headlines dominated traditional markets, blockchain data shows unusual accumulation activity around the TRUMP token .
According to analytics platform Nansen, large holders increased their exposure to the token even as its price declined.
Data shared by the firm indicates whale supply climbed from about 3.9 million tokens to roughly 4.54 million tokens in the past seven days. A rise of about 13.48%.
During the same period, the token's price fell from around $3.45 to roughly $2.90.
More on U.S.-Iran War:
Nansen said the pattern coincided with several on-chain signals that typically indicate accumulation.
"Whales are accumulating $TRUMP while its down," the analytics platform wrote .
According to the firm, the activity included $786,000 in whale inflows, $5.2 million in exchange outflows, and $1.8 million in fresh wallet inflows, suggesting new buyers were entering the market.
Individual wallets behind the purchases also drew attention.
One large wallet holding roughly 2.19 million tokens added another 253,000 tokens this week despite the position being deep in unrealized losses.
Another wallet labeled "SOL Millionaire" added more than 100,000 tokens, even with an average cost basis near $10.
The divergence between retail selling and whale accumulation has historically preceded sharp price moves in speculative tokens, although such signals do not guarantee market direction.
Iran continues attacks as war escalates in the Gulf
Developments in the Middle East suggest the conflict is far from resolved.
Attacks on shipping lanes near the Strait of Hormuz on March 12 intensified fears of a prolonged energy crisis. The strait is one of the world's most important energy corridors.
Multiple oil tankers and cargo vessels were struck in the Gulf, with at least one crew member reported killed after explosive attacks on ships operating in Iraqi waters.
Iran's leadership has warned that key energy corridors could remain disrupted.
The country's new supreme leader, Mojtaba Khamenei, said the Strait of Hormuz should remain closed as leverage against Western powers.
"If it refuses, we will take from its assets to the extent we deem appropriate," Khamenei said in a statement carried by state media.
"If that is not possible, we will destroy its assets to the same extent."
The escalation has pushed oil prices higher and triggered the largest coordinated release of strategic petroleum reserves by major economies.
Despite the geopolitical turmoil, the token itself remains far below earlier highs. TRUMP remains heavily depressed from its previous peaks. The asset is sitting roughly 93% below its all-time high of $49.26.
At the time of writing, TRUMP was trading at $2.79, down 5.10% on the day.
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This story was originally published by TheStreet on Mar 13, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
