President Donald Trump’s memecoin continues to rise in value despite mounting controversy surrounding the token, calls for impeachment, and a significant unlock of its circulating supply earlier this month.
The TRUMP token, associated with the U.S. president, has surged by about 16% in the last 24 hours, even as Democratic lawmakers point to its existence as potential grounds for impeachment and scrutiny intensifies following the recent unlock event.
At a town hall on Friday, Senator Jon Ossoff (D-Ga.) accused the project of allowing access to the presidency for top holders, further fueling calls for an investigation. Ossoff labeled the token’s offering of a private dinner with President Trump to the top holders a “clear case of selling access” to the White House.
“When the sitting president of the United States is selling access for what are effectively payments directly to him, there’s no question that this rises to the level of an impeachable offense,” Ossoff stated.
Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) also joined the calls, writing to the U.S. Office of Government Ethics on April 25 to request an investigation into whether President Trump violated federal ethics regulations by offering such access to major investors in the TRUMP memecoin.
The controversy centers on the announcement of a private dinner scheduled for May 22, where the top 220 TRUMP token holders are invited to meet with President Trump personally.
Despite the political heat, the TRUMP token has shown remarkable resilience, surging by more than 70% after the announcement of the dinner event and a stunning 85% increase over the past week.
This surge occurred even after the TRUMP token experienced a major $320 million unlock earlier this month, which significantly increased its circulating supply. In the coming months, an additional 25.1% of its circulating supply, valued at nearly $780 million, is set to be unlocked, further diluting the token’s market.
However, the token remains well below its all-time high of over $70, a price it reached shortly after its launch. Since then, the token has fallen by more than 77%, with early investors facing an estimated $2 billion in losses due to the price plunge.
Despite these challenges, the token’s recent gains suggest that, for now, the TRUMP memecoin continues to defy the odds.
