Donald Trump's memecoin soars after the unlocking of 40 million tokens.
The price of TRUMP surged by 60% after the unlocking of 40 million tokens. Source: GROK.
📌 TRUMP is 80% lower than its all-time high (ATH).
📌 Trump announced that he would share a dinner with the 220 largest holders of the token.
Official Trump (TRUMP), the official memecoin of American President Donald Trump, exploded after the unlocking of 40 million tokens.
As reported by CriptoNoticias, on April 18, 4% of the total supply of the project was unlocked, meaning that there are currently 240 million TRUMP tokens in circulation.
This increase in supply could have a downward effect on the price if it is not accompanied by proportional demand, raising doubts about the viability of its current recovery.$TRUMP
And that is what happened today, April 23.
The creators of the project and CIC Digital (an entity owned by Trump) announced that the 220 main holders of the memecoin will be invited to a gala dinner with the American president, scheduled for May 22.
And here, it is important to remember that TRUMP has a maximum supply of 1 billion tokens, distributed as follows: 80% for the project creators and CIC Digital, 10% for liquidity, and 10% for public distribution.
Moreover, this clearly shows that the token is more tied to Trump's image than to fundamental factors. In other words, it does not solve any problems, and its utility is practically null.
This is why Maxine Waters, a Democratic congresswoman from California, has called for an investigation to determine whether the TRUMP memecoin is linked to a potential pump-and-dump scheme, a mechanism by which a group of people with insider information manipulate prices to sell at high prices and leave losses to those who are the last to enter.
