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An exclusive dinner event has been organized by President Trump for holders of the controversial memecoin TRUMP token, which has garnered a lot of attention. After being introduced earlier this year, TRUMP’s price soared, going from less than $10 to more than $70 in just one day.
But then things changed in the market, and the token’s value dropped to $7 as the crypto market as a whole sold off. Yet, the president’s announcement revived interest in the token, which caused a sudden flip in this declining trend.
Exclusive Dinner Plans Ignite TRUMP Token Activity
Over the weekend, TRUMP saw an impressive 80% uptrend, reaching approximately $16. This resurgence was accompanied by a substantial increase in on-chain transactions, as reported by market analysis firm Kaiko.
On April 23, the team behind the TRUMP memecoin revealed plans for an exclusive dinner catering to the top 220 holders. Notably, the top 25 holders would have the unique opportunity to meet President Trump himself.
The announcement triggered a flurry of activity, with nearly 10,000 wallets transferring TRUMP tokens on that day alone—a staggering 200% increase from the previous day.
The trading volume surged to around $2.3 billion, marking it the busiest day of the month. Interestingly, most of this volume came from smaller holders, with wallets containing less than $100,000 worth of TRUMP tokens driving the activity.
This shift was particularly evident as the share of wallets transferring smaller amounts of TRUMP surged from the usual 46% to 75% after the dinner announcement. Notably, transactions under $1,000 accounted for 47.2% of active wallets, indicating a significant influx of smaller investors.
37% Chance Bitcoin Will Hit $100,000 By Month-End
The enthusiasm surrounding TRUMP was not limited to on-chain activity. The token recorded its highest daily trading volume on centralized exchanges (CEXs) since mid-February, eclipsing other major memecoins like Dogecoin (DOGE).
In fact, the President’s official cryptocurrency accounted for nearly 50% of all memecoin trading volume on centralized exchanges last Wednesday.
Per the report, while the initial excitement has tapered off, there is potential for renewed activity as the deadline for eligibility to the dinner approaches.
The rules stipulate that only the top 220 average holders between April 23 and May 12 will qualify, likely fueling increased trading and movement of funds among holders.
The recent surge of interest in memecoins like TRUMP occurs amid a broader bull run in the cryptocurrency market, characterized by Bitcoin’s resurgence.
Bitcoin dominance has remained high, reminiscent of the first half of 2021 when the market began shifting toward smaller-cap assets, often referred to as “altcoin season.” However, the current market landscape suggests a different trajectory, with Bitcoin maintaining its stronghold.
Options markets have indicated significant confidence in Bitcoin’s stability, particularly with a notable volume increase surrounding a $100,000 strike option set to expire on May 30.
Current estimates suggest a 37% probability that Bitcoin will trade above $100,000 by the end of May, a promising outlook given its recent trading levels near $74,000.
As of now, the memecoin trades at $14.29, retracing 1.1% in the 24 hour time frame.
Featured image from DALL-E, chart from TradingView.com
