The official TRUMP memecoin—linked to U.S. President Donald Trump—has taken a major hit

Launched in January, the TRUMP token has been promoted as a digital emblem for Trump supporters. Despite the dip in price, interest in the token remains strong.

The official TRUMP memecoin, linked to former U.S. President Donald Trump, has taken a major hit, dropping 23.72% over the past seven days to trade at $10.48 by Monday morning. The token is also down 4.39% in the last 24 hours.

This comes as Trump is planning a high-profile gala dinner for top coin holders on May 22, which is set to add fuel to the debate over his involvement in crypto.

The gala, which will be held at the Trump National Golf Club in Bedminster, New Jersey, is expected to be a lavish affair, with food, drinks, and entertainment provided for guests. Tickets for the event are said to be going for over $250,000.

Guests will also have the opportunity to meet and mingle with Trump, who is expected to speak at the event.

The upcoming gala has already generated a lot of buzz online, with many people expressing interest in attending. However, the token’s price drop may dampen enthusiasm for the event in the short term.

Those holding the TRUMP token will be invited to the lavish gala, according to reports by The New York Times. The report adds that the former president is personally inviting guests for the May 22 dinner.

Also Read: Is Trump Involved In New Coin Launch As TRUMP Token Price Plummets 17% In A Week

Why Is This Important?

The gala is sure to add fuel to the debate over Trump’s involvement in crypto. Critics have argued that tying exclusive in-person access to holding a memecoin blurs the line between personal branding and political influence.

Even pro-crypto Senator Cynthia Lummis expressed concern, stating, “A president offering exclusive access tied to a token gives me pause. I would want to understand how this fits within both the ethical and regulatory norms.”

The report indicates that the event may be geared towards boosting loyalty among supporters as the 2024 presidential campaign heats up. However, the token’s price slide suggests that investor confidence may be waning, at least in the short term.

It remains to be seen whether the May 22 dinner will help to revive the coin’s price or further deepen the controversy surrounding Trump’s involvement in the crypto sphere.