The TRUMP memecoin has seen a significant price increase recently (up 16% in 24 hours and 85% in the last week), despite facing controversy and upcoming supply increases.
Democratic lawmakers, including Senators Jon Ossoff, Adam Schiff, and Elizabeth Warren, are raising concerns about the project. They specifically point to a planned dinner event on May 22 where the top 220 TRUMP token holders can meet President Trump. Ossoff called this "selling access to the presidency" and a potentially impeachable offense. Schiff and Warren have requested an ethics investigation into whether the President violated federal rules.
This price rally also occurred despite a large token unlock earlier in the month ($320 million worth) that increased the circulating supply. Another substantial unlock (worth nearly $780 million, or 25.1% of the current supply) is scheduled within the next three months.
Despite the recent surge, the token is still down over 77% from its all-time high, having caused an estimated $2 billion in investor losses after its initial launch and subsequent crash.
Refer to the article at Coindesk.