The price of the TRUMP coin spiked sharply after Donald Trump invited coin holders to dinner. The dinner invitation was made on the TRUMP coin website, which stated that 220 top coin holders would be invited to a private dinner with Trump.
The TRUMP coin jumped 70% during the Presidential dinner for top token holders.
This event occurred after TRUMP was unlocked for $300 million last week, increasing the token supply.
Key events:
The TRUMP token rose over 70% following the announcement of a dinner with President Trump for the largest token holders.
This event occurred after the release of $300 million worth of TRUMP tokens into circulation, with more expected in July.
The token, marketed as the "official" Crypto of Donald Trump, faced criticism across the industry during its launch in January.
TRUMP, marketed as the official Crypto of Donald Trump, surged on Wednesday when an invitation for a dinner with the U.S. President for token holders appeared on the project's website.
"Join President Donald J. Trump in his members-only private club in Washington, D.C. for dinner!" said the event banner on the project's website page.
Following this news, the token rose over 70%, briefly reaching $16, the highest price since early March. It later fell below $13, which is still a 43% increase over the last 24 hours.
Specifically, the event occurred after $300 million worth of previously locked TRUMP tokens were added to circulation on April 18, according to Tokenomist data. About 75% of all existing tokens are still locked, with the next unlocking scheduled for July, which will increase the coin supply by over $600 million.
The TRUMP token, launched just days before President Donald Trump's inauguration on January 20, was met with negative reactions across the industry for drawing attention and Trump's public office, as well as significant allocations to insiders.
The launch also marked the peak of speculative bubbles in the Crypto Markets. Bitcoin (BTC) fell more than 30%. record prices over the following weeks, while many smaller, more speculative cryptocurrencies experienced a decline of 80%-90%.
Despite today's rally, the TRUMP coin is still trading more than 80% below its record price of $73 on January 19.
Translation from English AI
