$TRUMP token – the cryptocurrency branded by former President Donald Trump – is causing a stir in the cryptocurrency community with its recent volatile price movements. The main cause stems from the promise to hold a private gala dinner for the 220 largest token holders, which Mr. Trump teased on social media.
Price surged and then plummeted.
After the announcement of the dinner party, the market capitalization of $TRUMP skyrocketed to a peak of $2.7 billion, with an increase of over 50% in a short period. However, the excitement did not last, as the market cap has now dropped to $2.18 billion, indicating a correction following the speculative frenzy.
More than 762,000 wallets at a loss, 58 whale wallets benefiting greatly.
According to data from Chainalysis cited by CNBC, approximately 762,000 wallets holding $TRUMP are currently at a loss, mostly small investors. In contrast, only 58 whale wallets have earned over $10 million each, totaling up to $1.1 billion in profits.
Since April, about 100,000 new wallets have joined, indicating that speculative money continues to flow in despite the risks.
Large transactions around the dinner event.
The effects of 'Dinner with Trump' continue to generate large transactions. A recently created wallet withdrew 1 million $TRUMP (worth approximately $10.78 million) from Binance, while the account @MemeCore_ORG also withdrew 1.39 million $TRUMP (~$17.8 million) to participate in the event – and is currently at a loss of about $2.8 million.
Under investigation for conflicts of interest and foreign funding sources.
The rise of the $TRUMP token is not only confined to the financial sector but has also attracted the attention of US investigative agencies. The Senate Permanent Subcommittee on Investigations (PSI) has launched a comprehensive investigation into token ownership, profit models, and financial relationships with foreign investors, including a fund related to the UAE government and cryptocurrency mogul Justin Sun.
Additionally, Mr. Trump and his associates are reported to have earned around $900,000 in just two days from token transaction fees following the announcement of the dinner party, raising public concerns about the use of political influence to profit from the cryptocurrency market.
The $1.5 million dinner and concerns over 'dirty money' from abroad.
In addition to the dinner for 220 top token holders, Mr. Trump is also hosting another event called 'Crypto & AI Innovators', with an attendance fee of up to $1.5 million per person, sponsored by Super PAC – his political action committee.
However, this event does not require the disclosure of the ticket buyer's identity, raising concerns that anonymous individuals or organizations – even foreign ones – could influence the US political landscape through cryptocurrency, which is not publicly regulated like traditional political donations.
Conclusion.
$TRUMP token is becoming a phenomenon not only in the cryptocurrency market but also in the context of American politics. From the enormous profits of whales to the hundreds of thousands of small investors at a loss, and now the federal investigation into potential financial manipulation and conflicts of interest, the story of $TRUMP is heating up – both literally and figuratively.
