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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

TRUMP Memecoin Soars Nearly 60% As Exclusive Dinner With President Trump Lures Top Holders

Ronaldo Marquez
Ronaldo Marquez
5 months ago
3 mins read
TRUMP

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The value of President Trump’s endorsed memecoin, TRUMP, experienced a dramatic spike on Wednesday, soaring by 58% in just one hour near the $15 mark for the first time since March. 

This surge followed the announcement that the top holders of the token would be invited to an exclusive dinner with Trump at his golf club near Washington, D.C., on May 22. The event promises an intimate setting where Trump will discuss the future of cryptocurrency.

TRUMP Memecoin Event

According to the announcement on the token’s website, the top 220 holders of TRUMP will be included in the event, while the top 25 will enjoy a VIP reception and a guided tour of the White House. 

The guest list will be determined by a leaderboard that tracks investors’ average holdings of the memecoin from April 23 to May 12. Currently, the leading holder possesses 400,005 tokens, valued at approximately $5.2 million.

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Late last week, there was concern regarding the release of 40 million additional TRUMP tokens to its creators and CIC Digital, a company affiliated with Trump. 

Such token unlocks can typically dilute market value by increasing supply, often leading to sell-offs as insiders seek to profit. However, despite concerns that the Trump team might sell off these tokens, blockchain data firm Chainalysis reported no significant sales over the weekend, which helped boost investor confidence. 

Additionally, the scheduled tokens will remain locked for another 90 days, as confirmed by the Trump memecoin account on X (formerly Twitter).

Legal Uncertainty

Trump-linked entities are poised to hold 80% of the total supply of TRUMP tokens by 2028. Given that the price of the memecoin had plummeted by 90% since its initial launch, the upcoming dinner could be a strategy to stabilize the token’s price and enhance its value for future sales. 

Dylan Bane, an analyst at research firm Messari, noted, “They likely want to avoid setting a precedent of aggressive sell-offs, especially with the majority of tokens still locked for the next 24 months.”

The dinner invitation has also sparked ethical questions regarding potential conflicts of interest associated with a presidential memecoin. During his first term, Trump faced scrutiny over the use of his hotels by individuals with matters pending before the government. 

This time, his ventures into cryptocurrency, including the memecoin and his DeFi project, World Liberty Financial, could present new avenues for influence or bribery.

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The legality of Trump’s memecoin remains uncertain. Jordan Libowitz, a vice president at the watchdog organization Citizens for Responsibility and Ethics in Washington, stated, “There isn’t a lot of precedent for the president to be the owner of a publicly traded asset, especially a meme asset.”

Despite these concerns, the White House has denied that the memecoin poses any ethical dilemmas. Anna Kelly, the deputy press secretary, asserted, “President Trump’s assets are in a trust managed by his children. There are no conflicts of interest.”

TRUMP
The daily chart shows TRUMP’s price surge. Source: TRUMPUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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