The Official Trump Coin surged on Thursday, bolstered by a broader recovery across Bitcoin, altcoins, and the stock market.

The Trump Coin (TRUMP) token rose to $12.45, its highest level since May 3, and up by 72% above its lowest level in April

The Official Trump Coin (TRUMP) price surged on Thursday, continuing to recover broadly across Bitcoin, altcoins, and the stock market.

The Trump Coin (TRUMP) token rose to $12.45, its highest level since May 3, and up by 72% above its lowest level in April. This rebound pushed its market cap to over $2.46 billion. According to the eight-hour chart, TRUMP hit a bottom at $7.13 in April, surged to $16.41 on April 26, and then pulled back to $10.30 before rebounding again.

TRUMP has now moved above the 25-period moving average and broken out of a small falling wedge, a bullish reversal pattern

This suggests the token may retest the $16.41 level, potentially forming a double top. A retracement could follow, especially in the days around the exclusive dinner.

The rally in TRUMP coincided with Bitcoin (BTC) price crossing the $100,000 milestone and the total crypto market cap rising 2% to reach $3.2 trillion.

The latest upswing in the Trump Coin comes ahead of an exclusive dinner event with President Trump at his Virginia golf club. Over 200 of the top TRUMP coin holders are expected to attend the event, while the 25 largest holders will also receive a VIP tour.

However, the event has sparked backlash from Democrats and ethics watchdogs, who accused Trump of monetizing his presidency. Several Democrats have also pledged to pursue impeachment if they manage to retake the House or Senate in the upcoming midterms.

A key issue is that many of the top TRUMP coin holders are foreigners. A study by Bloomberg noted that 56% of the leaderboard were foreigners as they used foreign exchanges not allowed in the US, like Binance, OKX, and Bybit.

There are chances that the Trump Coin price will continue rising ahead of the dinner as more investors buy it, hoping to take part and meet the president.

However, there are substantial risks that may push it to drop before and after the dinner. The most notable risk is that Trump postpones the dinner to a later date, possibly after receiving counsel from his lawyers.

Trump has a long history of postponing major issues to later dates. For example, after announcing his Liberation Day tariffs, he postponed most of them for three months. He has also postponed the TikTok ban as he is engineering a sale for the Chinese social media company.

The other risk is that many investors will start selling the coin before and after the dinner. Those who miss the dinner invitation will likely sell ahead of it, while some of the buyers will dump after it happens, in a sense "buying the rumor and selling the news."