Donald Trump Hosted a Private Dinner for Top Investors of His New TRUMP Token

The official Trump token, a highly volatile memecoin, made headlines after Donald Trump hosted a private dinner for its top investors.

The official Trump token, a highly volatile memecoin, made headlines after Donald Trump hosted a private dinner for its top investors, reports The Block.

The Trump token (TRUMP) is currently trading at $14.47, down 1.9% in the last 24 hours and 80% off its January high of $73.43. However, the token is still up 53% in the last month.

On May 22, Trump invited 220 major token holders to a black-tie event at his Sterling, Virginia golf club. These investors paid $148 million for their seats by contributing to the TRUMP token between April 23 and May 12, 23. The top 25 wallets accounted for $111 million of that sum.

Outside the venue, protesters held signs that read “America is not for sale” and “Stop crypto corruption.” The evening also included a VIP reception and swag, with the four biggest investors receiving custom Trump Tourbillon watches worth $100,000 each.

The biggest investor, billionaire Justin Sun, who contributed $18.5 million in tokens, posted videos from the event and previous visits to the White House.

Sun is an adviser to Trump-linked World Liberty Financial, a group that has raised around $500 million. The U.S. Securities and Exchange Commission (SECOM) paused its fraud case against Sun in February.

Trump bashed the Biden administration’s stance on crypto and said he would revive innovation in the U.S. But more than half the attendees were foreign-based, sparking bipartisan concerns about foreign influence and calls for the guest list to be disclosed.

After the dinner, activity in the TRUMP token jumped, with daily trading volume up 24.5% to $2.63 billion and derivatives volume up 17.3% to $3.9 billion. Open interest also rose to $760.6 million, showing growing leveraged positions in the token.

Technically, the token is above all moving averages from 10 to 100 days, which is bullish. A bullish MACD crossover is indicating buying momentum, while the RSI at 58.66 is neutral to positive.

Resistance for the token is between $15.10 and $15.50, and above that, we could see $17.30. Support levels are at $13.20 and $12.60, and below that, we could see $11.30.

Now it’s up to the post-dinner high to hold or not.