Trump Meme Coin $TRUMP Soars 85%, Dinner Promotion Sparks Impeachment Controversy
Trump Meme Coin $TRUMP recently surged 85% due to a promotion at a private dinner, but is also mired in controversy. According to CoinDesk, Trump invited the top 220 holders to dinner on May 22, a move that Democratic lawmakers have accused of being 'selling presidential access,' potentially constituting impeachable offenses. Georgia Senator Jon Ossoff criticized this as 'impeachable behavior,' and California Senator Adam Schiff along with Massachusetts Senator Elizabeth Warren jointly called for an ethics office investigation, questioning Trump's compliance with federal ethics regulations.
Despite facing accusations, the price of $TRUMP soared over 70% after the dinner news. However, the controversy does not end there. The U.S. consumer rights group Public Citizen previously filed a complaint with the Justice Department, alleging that Trump's issuance and promotion of the $TRUMP coin violates federal laws prohibiting officials from soliciting gifts. Investigations show that 80% of the coin’s share is held by Trump family business CIC Digital, which is fully controlled by a trust benefiting Trump himself. Additionally, a Chainalysis report revealed that 94% of $TRUMP and $MELANIA coins are held by only 40 wallets, raising suspicions of market manipulation.
Although the price of $TRUMP has rebounded strongly, it remains down 77% from its historical high and has just experienced the unlocking of $320 million worth of tokens, with another $780 million worth of 25.1% of the circulating supply set to unlock in the next three months, posing extremely high market volatility risks. Former White House Communications Director Scaramucci harshly criticized it as 'corrupt garbage coin,' while Trump administration's AI and cryptocurrency czar David Sacks argued that meme coins are collectibles and nothing wrong with that.
Under the pressures of legal risks, market manipulation doubts, and unlocking stress, can the fervent rise of $TRUMP continue? This meme coin storm is undoubtedly a dual gamble of wealth and controversy.
