The TRUMP coin, also known as Official Trump, has been making headlines recently due to a significant price drop. Here's what's happening:
*The Price Drop*: Top TRUMP token holders dumped $394 million worth of tokens before a highly publicized crypto dinner hosted by Donald Trump on May 22, causing the token price to plummet 8.84% to $12.85. This move triggered concerns about potential market manipulation and insider trading.¹
*The Gala*: The dinner was attended by the top 220 holders of TRUMP, with 72% coming from outside the United States. Despite the exclusive invitation, 92 out of 220 eligible wallets sold off their entire holdings before the dinner, sparking a 14.84% price drop.
*Backlash*: The event drew heavy criticism from lawmakers and protesters, who accused Trump of using digital assets for questionable political dealings. Senator Chris Murphy called the event "corrupt" and demanded the guest list be made public.
*Market Sentiment*: The Official Trump coin's value often changes with public mood or big events, making it a risky investment. Some critics have likened the TRUMP coin to a pump-and-dump scheme, although it's unclear if Trump himself sold his stake.²
*Key Stats*:
- *Market Cap*: $2.57 billion
- *24h Volatility*: 0.3%
- *24h Volume*: $951.17 million
- *Current Price*: $12.85
It's essential to note that meme coins like TRUMP can be unpredictable and rely heavily on celebrity publicity. The future of TRUMP coin remains uncertain, and investors should exercise caution.
