Trump Token reignites market enthusiasm due to exclusive dinner
President Trump hosts an exclusive dinner for TRUMP token holders, sparking market frenzy. Since its launch, the TRUMP token had once soared from $10 to $70, but subsequent market downturns brought its price back down to $7. However, Trump's public statements have reignited interest, causing the token price to rebound against the trend.
Exclusive dinner sparks frenzied trading
On April 23, the TRUMP memecoin team announced that they would host an exclusive dinner for the first 220 token holders, with the top 25 having the opportunity to meet President Trump himself.
This news quickly ignited market sentiment, on-chain trading volume soared to $2.3 billion, setting a new monthly high. Surprisingly, nearly 75% of the trades came from small investors holding a small amount of TRUMP tokens, boosting market activity.
Trump Token's daily trading volume surges
Since the announcement of the dinner plan, TRUMP's trading volume on centralized exchanges has surged, even surpassing other mainstream meme coins like Dogecoin (DOGE).
Investors ranked in the top 220 by shareholding from April 23 to May 12 will have the opportunity to attend the dinner, which may trigger further market fluctuations, especially as the eligibility deadline approaches.
Bitcoin's recovery boosts market sentiment
Meanwhile, the crypto market is also experiencing a broad bull market. Bitcoin's recent rebound has injected new vitality into the market, and the options market shows great confidence in Bitcoin's stability, particularly with the significant rise in trading volume for $100,000 strike options expiring on May 30.
By the end of May, Bitcoin is expected to have a 37% chance of breaking $100,000, further motivating the market performance of TRUMP tokens.
As of now, the memecoin trading price is $14.29, down 1.1% in the last 24 hours.
