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The TRUMP Token has risen by 60% after the announcement of a dinner with Trump. Who is invited?
“RBC-Crypto” does not provide investment advice, the material is published solely for informational purposes. Cryptocurrency is a volatile asset that can lead to financial losses.
The official meme coin of US President Donald Trump, Official Trump (TRUMP), grew by almost 60% when an invitation for token holders to dinner with Trump appeared on the project’s website. After the announcement, the token price sharply increased from $9.3 to $14.7.
“Join President Trump’s dinner at his private club in Washington. Only for the 220 largest holders of the meme coin TRUMP” - reads the message on the project’s website.
To participate in the event, it is necessary to connect a wallet on the special website, where a dynamic list of the largest addresses is also displayed. According to the website, the top 25 holders will also have a separate VIP meeting with Trump and a special tour.
After the news, the token rose but dropped below $12. The price increase of the meme coin over the day is 27%, as of 11:50 Moscow time. The market capitalization of TRUMP is $2.37 billion.
Notably, the dinner announcement came after the tokens TRUMP worth $300 million were added to circulation on April 18, according to Tokenomist data. Approximately 75% of all existing tokens are still locked, with the next unlocking scheduled for July, increasing the supply by more than $600 million.
The TRUMP token, released just a few days before Trump’s inauguration on January 20, sparked a negative reaction in the industry due to its creators taking advantage of public attention and Trump’s position, while the project team made $800 million from it, leaving retail investors largely at a loss.
The launch also marked the peak of speculative activity in the cryptocurrency markets. In the following month, the price of Bitcoin fell by almost 30% compared to the record price in January. The total market capitalization of the crypto market during this time decreased from $3.9 trillion to $2.9 trillion.
Despite the rally of the last few days, the meme coin TRUMP is still trading more than 83% below its all-time high of $73, recorded on January 19.