In a surprising twist, on-chain data has revealed that nearly 40% of attendees at Donald Trump's exclusive $TRUMP token dinner had already sold off their holdings before the event even began.
The dinner, held for the top 220 TRUMP token holders, was marketed as an elite gathering for major supporters and investors. But blockchain analytics show that 92 of those invitees held zero TRUMP tokens by the time the dinner took place.
Before the event on May 23, the combined wallet balance of the top holders sat at $11.3 million. However, a significant sell-off by large holders caused the total to plummet to just $7 million, indicating a widespread dump ahead of the high-profile gathering.
The mass exit triggered a sharp 15% drop in the TRUMP token price, sending it down to $13. While some viewed the dinner as a bullish marketing move, the data suggests many insiders used the hype to exit profitably, leaving retail investors with the aftermath.
This development has sparked debate within the crypto community about trust, insider moves, and the impact of celebrity-driven tokens. As the dust settles, traders will be watching closely to see whether the TRUMP token can recover or if this dinner was its peak.
