With the conclusion of Crypto Dinner, Trump Coin price could continue crashing exacerbating its 20% dip caused by whale sell-offs

In what appears to be a classic 'buy the rumor, sell the news' scenario, the meme coin has continued to crash both before and in the days following the event

Crypto Dinner, an exclusive, invite-only event for the largest holders of $TRUMP meme coin, has come to an end, and with it, Trump Coin price could continue crashing, exacerbating its 20% dip caused by whale sell-offs since the event.

The meme coin has continued to crash both before and in the days following the event, which occurred on Thursday at President Trump’s private golf club. The token is still down 36% from its all-time high of $19.85, which it reached in May.

The sudden drop has left many investors questioning whether insider profit-taking played a role, as blockchain data revealed large wallets offloaded significant amounts of Trump Coin in the hours following the dinner, suggesting the event may have marked a local top rather than a new beginning.

Only eight of the twenty-five wallets that qualified for the VIP access retained their tokens the next day after the dinner, according to SOL scan. As a result, the total average holdings in the VIPs’ wallets dropped from 4.78 million to $2.11 million.

Trump Coin price is trading at $12.76 following a Monday gain of 2.35%. The increase was accompanied by a surge of 18,100 social mentions, while social dominance rose by 3.94%, according to LunarCrush.

A number of attendees to the exclusive dinner posted the food served at the event, which drew a string of backlash from the crypto community on X. Some critics said the event served food “worse than airline meals” despite charging a hefty $1 million worth of Trump Coin for a plate.

“The worst food I’ve had at a Trump golf course.” said Nicholas Pinto, a business influencer who had invested $300,000 in the meme coin.

Lawmakers Threaten to Take Legal Action

The widely publicized event has since caused significant concerns among congressional members, oversight groups, and regulatory agencies, who accused the president of shilling his own meme coin by hosting the dinner.

If passed into law, a new bill introduced to the Senate could potentially block the Trump administration from using the Office of the President to promote his personal crypto-ventures, according to an article on The Guardian.

Democrat Senator Richard Blumenthal accused the President of auctioning access to the White House and suggested a lawsuit was the best way to force Trump into complying with rules around receiving foreign payments or gifts.

“The more you buy my meme coin, the greater your chance of coming to dinner with me,” Blumenthal said, describing the event as a Trump-style tactic of essentially putting access to himself up for sale in exchange for tokens from investors.

Moreover, 35 congress members signed an open letter to the Department of Justice demanding an immediate investigation into the Thursday dinner, alleging concerns around breaching the U.S. Constitution, which warns against receiving payments or benefits from foreign entities. According to the U.S. Constitution, the president needs congressional approval when taking such payments.

The concerns have also pointed out potential conflicts of interest considering that Trump has appointed crypto industry allies to run the Securities and Exchange Commission, which lawmakers claim could affect ongoing investigations against several crypto firms.

Final Take

The lack of utility on a meme coin like Trump Coin sets it up for failure if it engineers events like a president-backed crypto dinner. The announcement of such events could stir bullish activity, but it is not sustainable enough to last because the market tends to buy the rumor (or announcement), then sell the news. Thereby resulting in a price crash once the event takes place.

Frequently Asked Questions (FAQs)

1. How did the Trump dinner impact Trump Coin price?

2. What is the all-time high for Trump Coin?

3. Why did the Trump Dinner receive community backlash?