A planned exclusive dinner hosted by President Trump for the top 220 holders of the TRUMP memecoin has sent the token's price surging by 52%. However, analysts are raising concerns about whether this rally can hold, given doubts surrounding the token's fundamentals and long-term viability.
The price of the Official Trump (TRUMP) memecoin shot up 52% on April 23 after news broke about a special dinner event with President Donald Trump for the top token holders. Some crypto fans see this as a sign the bear market might be over—especially with Bitcoin climbing back over $93,000. But not everyone is convinced the TRUMP token can keep this momentum going.
Looking back, TRUMP hasn’t done too well. It started strong, jumping past $75 on launch day, but quickly dropped as people realized most of the tokens were tightly held and would unlock soon. Right now, it’s hard to explain how the coin is worth $2.6 billion, especially since 80% of it was given to Trump and his team.