In a move that shocked the cryptocurrency community, former President Donald Trump invited investors holding the TRUMP token – a controversial memecoin – to a special dinner. This announcement immediately triggered a wave of strong trading, causing the market to buzz once again.
The TRUMP coin had a remarkable debut, increasing in price from 10 USD to nearly 70 USD in just one day. However, the market then witnessed a large-scale sell-off, causing the token's price to drop to just 7 USD. But with a surprising announcement from Mr. Trump, this downward trend was halted, and the TRUMP token quickly rebounded.
Last weekend, TRUMP surged 80%, reaching a price of 16 USD. According to market data analysis company Kaiko, on-chain trading volume also spiked during this recovery phase.
The event that attracted significant attention was the announcement from the TRUMP memecoin development team about a dinner party on April 23 for the 220 largest TRUMP holders. Among them, the top 25 on the list will have the opportunity to meet former President Trump in person.
This information has boosted the number of TRUMP transactions by over 200% in just one day, with data recording activity from around 10,000 wallets. Daily trading volume reached 2.3 billion USD – the highest level for the month up to that point.
Notably, the majority of transactions came from small wallets – investors holding under 100,000 USD in TRUMP. The participation rate of small wallets in trading increased from 46% to 75% just after the announcement. Transactions valued under 1,000 USD accounted for 47.2% of total active wallets, indicating a growing involvement from retail investors.
The excitement around the TRUMP token is not limited to the blockchain space. On centralized exchanges (CEXs), TRUMP has surpassed Dogecoin (DOGE) in daily trading volume – the highest level since mid-February. Last Wednesday, approximately 50% of all memecoin trading activity on centralized platforms was for TRUMP, reflecting significant market interest.
Although the initial excitement has cooled, analysts believe the TRUMP market may still experience many new fluctuations. The reason is that the deadline to qualify for the dinner party lasts until May 12. During this period, only those holding the highest average TRUMP will be considered, potentially driving stronger waves of buying and token circulation.