The official Donald Trump meme coin, TRUMP, has exploded in value

The official Donald Trump meme coin, TRUMP, has exploded in value, climbing 8.32% in the past 24 hours to trade at $12.97 at press time.

The official Donald Trump meme coin, TRUMP, has exploded in value, surging 8.32% in the past 24 hours to trade at $12.97 at press time.

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TRUMP has soared an incredible 70% over the past seven days, according to CoinMarketCap data, as a wave of hype fueled by a “private dinner with Trump” contest pushed prices higher.

Details Emerge on the ‘Dinner with Donald’ Promotion

TRUMP’s latest price surge was triggered by an announcement on its official website that a handful of investors could win a private dinner with US President Donald Trump at the Trump National Golf Club in Washington, D.C. on May 22.

The top $TRUMP Coin holders will have a private DINNER WITH PRESIDENT TRUMP on May 22nd at the BEAUTIFUL Trump National Club in Washington, D.C. It will be a night to remember! Thank You! And Have Fun! Click Here For Details:https://t.co/Nm31BxQGx5

— GET TRUMP MEMES (@GetTrumpMemes) May 16, 2024

According to the promotion, referenced on the @GetTrumpMemes X account, winners will also enjoy a Special VIP Tour. However, the fine print includes some important points. Participants will need to cover all their travel and other expenses.

Additionally, there’s no absolute guarantee that Trump will attend; if he can’t make it and the dinner isn’t rescheduled, winners will receive a limited edition Trump NFT instead.

Related: Trump to Dine With TRUMP Token Whales—Is This Web3 Or Just Old-School Politics?

Team Clarifies Entry Costs, Easing Dump Fears

Adding to the excitement, a rumor spread online claiming people needed over $300,000 worth of $TRUMP just to qualify for the dinner. The coin’s development team quickly shut this down on social media, confirming it was false, as highlighted by WuBlockchain on X.

The TRUMP meme coin team has clarified that some market participants have misunderstood the "TRUMP Dinner" event. Currently, there's no requirement to hold over $300,000 worth of TRUMP to participate, and no tokens will be unlocked or sold during the event. The top holder "Sun" will be attending the dinner.

They explained that the 220th qualifying wallet currently holds only about $420 worth of TRUMP, proving smaller holders could potentially attend.

$TRUMP Technical Analysis: Can It Hold Key Levels?

On the 4 hour chart below, the RSI (Relative Strength Index) sits at 70.82, indicating overbought territory but also showcasing strong bullish momentum. A cool-off period is likely overdue.

Based on the Fibonacci Extensions, it is clear that the recent rally sliced through the 1.618 Fib level ($10.14) and 2.618 ($11.48) with ease. TRUMP is currently consolidating near 3.618 ($12.81) and just under the 4.236 ($13.64) extension, both critical resistance levels.

If bulls break above $13.64, the next leg could send TRUMP toward $16–$17, assuming no major dump event or negative news.

On the other hand, the Balance of Power (BOP) indicator is at -0.40, showing that sellers have begun asserting some control despite the strong uptrend, hinting at possible short-term weakness.

Related: Warren Blasts Trump’s ‘Systematic Removal’ Of Oversight At CFPB, SEC

If price fails to hold above $12.81 (3.618 Fib), TRUMP could fall back to $11.48 (2.618 Fib) or even $10.14 (1.618 Fib) to retest support levels. A fall below $10 could result in consolidation near $8.25–$9.33.

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