Dinner Effect: Trump's price jumps by 60%, and on-chain activity rises by 200%
The "Dinner Effect" surrounding the meme coin "Trump" has led to its price soaring by 60% and on-chain activity increasing by 200%, following the announcement of an invitation to the largest 220 holders of the coin for a private dinner with Donald Trump that includes a tour of the White House. According to Kaiko research, this spike was primarily driven by small investors, although large wallets such as over-the-counter trading desks also recorded steady trading volumes. This event has sparked an ethical debate about political influence in cryptocurrency markets.
The "Trump" meme coin rose by 60% after the announcement of an invitation to its largest 220 holders for a private dinner with Trump, causing on-chain activity to jump by 200%. Kaiko's research indicated that the activity was largely driven by small investors, despite the consistent participation of large over-the-counter trading desks. The event raised ethical concerns regarding the influence of political figures in cryptocurrency markets. The coin also experienced intense trading on platforms like Uniswap and Coinbase, reflecting how celebrity-linked incentives can impact decentralized markets.