The TRUMP token's recent 10% drop comes after the winners of its dinner contest were revealed, with the exclusive event set to take place on May 22. The token is currently trading at $12.38, down 10.5% following the announcement.
*What's Behind the Drop?*
- The project's VIP access for the dinner has closed, and top holders have been notified about the event.
- All participants will receive a TRUMP NFT, while top 220 winners will get additional exclusive NFTs after the gala dinner.
- There's also a "Diamond Hand" NFT for those who don't sell their TRUMP tokens before the dinner, which might incentivize price stability ¹ ².
*Concerns and Controversies*
- Security and conflict-of-interest concerns have been raised due to most TRUMP holders being non-US based.
- Accusations of corruption and political misconduct surround the event, with some speculating about potential lawsuits.
- The Trump Organization reportedly controls 80% of the token supply, which could lead to select individuals profiting significantly if the rally continues ² ¹.
*Market Performance*
- The token's market capitalization jumped 36.91% to $2.5 billion after Trump's initial announcement.
- Trading fees from the contest have generated nearly $900,000 for insiders.
- Despite the hype, the TRUMP token lacks a clear product, technical roadmap, and utility beyond speculative trading ² ³.$TRUMP