President Trump's memecoin "TRUMP" surges 70%──Announcement of dinner event for top holders | CoinDesk JAPAN

• The TRUMP token surged over 70% after announcing a dinner event with President Donald Trump for top token holders.
• This event follows the launch of TRUMP tokens worth approximately 300 million dollars (about 42.9 billion yen, based on an exchange rate of 143 yen per dollar), with further circulation expected in July.
• This token, sold as Mr. Trump's "official" cryptocurrency token, faced criticism from the entire industry at the time of its launch in January.

The TRUMP token, which is being sold as the official cryptocurrency token of Donald Trump, surged on the 23rd after the project's website posted an invitation to a dinner event with the president for token holders.

The banner regarding the event on the project's website states, "Join us for dinner with the President at Donald J. Trump's private members-only club in Washington D.C.!"

According to the event's website, this invitation is aimed at the top 220 token holdings.

[TRUMP's dinner event website (GetTrumpMemes.com)] In response to this news, the token price surged by over 70% at one point, reaching a high of $16, the highest since early March. After that, it retraced to below $13, but it has still increased by 43% over the past 24 hours.

According to Tokenomist data, the event is notable because it will take place after $300 million worth of previously locked TRUMP tokens were added to circulation on April 18. About 75% of the existing tokens are still locked, and the next unlock, scheduled for July, is expected to add more than $600 million (about 85.8 billion yen) of coins to the supply.

The TRUMP token was launched just a few days before President Donald Trump's inauguration on January 20, and it faced fierce backlash from the entire industry for leveraging its high visibility, President Trump's position in public office, and large allocations to insiders.

This launch also marked the peak of a speculative bubble in the cryptocurrency market. Bitcoin (BTC) subsequently fell by more than 30% from its record price over the following weeks, and many small cryptocurrencies, which are heavily speculative, experienced declines of 80-90%.

Despite today's surge, TRUMP coin is still trading over 80% below the record price of $73 from January 19.