An exclusive dinner event was hosted by President Trump for holders of the controversial TRUMP memecoin, an event that garnered significant attention. After being introduced earlier this year, the price of TRUMP skyrocketed from below $10 to over $70 in just one day.
But then everything changed in the market and the value of the token dropped to $7 when the entire cryptocurrency market was sold off. However, the president's announcement sparked interest in the token, causing this downward trend to abruptly reverse.
Ignite TRUMP Token Activity Exclusive Dinner Plan
Over the weekend, TRUMP saw an impressive increase of 80%, reaching around $16. This resurgence was accompanied by a significant increase in on-chain transactions, according to a report from market analysis firm Kaiko.
On April 23, the team behind the TRUMP memecoin revealed plans to host an exclusive dinner for the top 220 holders. Notably, the top 25 holders will have the unique opportunity to meet President Trump himself.
This announcement triggered a wave of strong activity, with nearly 10,000 wallets transferring TRUMP tokens in just that day—an astonishing 200% increase compared to the previous day.
Trading volume surged to about $2.3 billion, marking the busiest day of the month. Interestingly, most of this volume came from smaller holders, with wallets containing less than $100,000 in TRUMP tokens driving this activity.
This change is particularly evident as the percentage of wallets transferring smaller amounts of TRUMP surged from a normal level of 46% to 75% after the dinner announcement. Notably, transactions under $1,000 accounted for 47.2% of active wallets, indicating a significant increase in retail investors.
37% chance Bitcoin will reach $100,000 by the end of the month
The enthusiasm surrounding TRUMP is not limited to on-chain activity. The token recorded the highest daily trading volume on centralized exchanges (CEX) since mid-February, surpassing other major memecoins like Dogecoin (DOGE).
In fact, the official cryptocurrency of the president accounted for nearly 50% of the total trading volume of memecoins on centralized exchanges last Wednesday.
According to reports, although the initial excitement has subsided, there is still a possibility that activity will return as the deadline for qualifying for the dinner approaches.
The rules stipulate that only 220 top average holders from April 23 to May 12 qualify, which could drive trading activity and transfers among holders to increase.
The recent increase in interest in memecoins like TRUMP is occurring against a backdrop of a strongly bullish cryptocurrency market, characterized by the resurgence of Bitcoin.
Bitcoin's dominance remains high, reminiscent of the first half of 2021 when the market began to shift towards smaller-cap assets, often referred to as the 'altcoin season.' However, the current market context shows a different trajectory, with Bitcoin still maintaining its strong position.
The options market has shown significant confidence in Bitcoin's stability, especially with a substantial increase in trading volume related to $100,000 strike options expiring on May 30.
According to current estimates, there is a 37% chance Bitcoin will trade above $100,000 by the end of May, a promising outlook considering this coin's recent trading level of nearly $74,000.
As of now, the memecoin is trading at $14.29, down 1.1% in the 24-hour timeframe.
