TRUMP Coin Surges 70% Following Invitation for Dinner Event with U.S. President
TRUMP Coin saw a significant rally on Wednesday after an invitation to a private dinner event with President Donald Trump for top token holders was posted on the project’s website.
The banner on the site read: “Join President Donald J. Trump at his Private, Members-Only Club in Washington, D.C. for Dinner!”
The exclusive event is aimed at the 220 largest holders of the TRUMP token, according to the event page.
The announcement sent TRUMP Coin soaring over 70%, briefly reaching $16, its highest point since early March. However, the price later pulled back to below $13, still marking a 43% increase in the last 24 hours.
The timing of the event is significant, coming just after $300 million worth of previously locked-up TRUMP tokens were released into circulation on April 18, as per data from Tokenomist. Despite this release, 75% of all existing tokens remain locked, with another batch of $600 million worth of tokens expected to be unlocked in July, which will further increase the supply.
The TRUMP Coin was launched just days before Donald Trump’s presidential inauguration on January 20 and faced significant backlash for leveraging the attention around the president’s public office, as well as for its large insider allocations.
The launch also coincided with a peak in speculative fervor within the crypto market, which soon saw Bitcoin (BTC) decline by more than 30% from its all-time high. Smaller, more speculative cryptocurrencies, including TRUMP Coin, experienced significant drawdowns, with many losing 80%-90% of their value.
Despite the current rally, TRUMP Coin remains more than 80% below its January 19 peak price of $73.
