TRUMP meme coin slides after a sentiment-driven rally, reflecting widespread profit-taking.

TRUMP meme coin has slashed gains to hover at $12.51 at the time of writing on Tuesday. The broad-based bearish wave has seen Bitcoin

The price of TRUMP meme coin (TRUMP) is sliding on Tuesday morning, testing a key support level as the top 220 holders on the leaderboard have been notified of the May 22 dinner and will undergo background checks.

The TRUMP meme coin team announced on Monday that they had notified the top 220 holders with details of the exclusive dinner with President Trump. According to the post on X, formerly Twitter, "there will be background checks that need to be completed," before the final list of attendees is released. The dinner will take place at Trump National Golf Club in Washington, D.C.

A more exclusive invite will be extended to the top 25 holders who will receive a special White House dinner and TRUMP NFTs.

"The top 25 holders will be invited to the White House for dinner with President Trump in the fall," the team said.

The TRUMP meme coin team also notified the community that everybody who registered for the leaderboard will receive "exclusive NFTs."

"There will also be unique NFTs for only the top 220 holders of the TRUMP MEME COIN! These will be in your wallet shortly after the Gala Dinner," the team said in an X post.

Additional perks will be extended to holders with the same amount of TRUMP tokens at the dinner as on the final leaderboard. This holder cohort will receive "a TRUMP DIAMOND HAND limited edition TRUMP SOLANA NFT."

The TRUMP meme coin team added that it officially launched the "TRUMP REWARDS POINTS PROGRAM," urging holders to connect their wallets and earn.

"We've officially launched the TRUMP REWARDS POINTS PROGRAM! pts.trumpmemecoin.com is now live and we're giving away 100,000 pts to one lucky holder who connects their wallet and registers for the program within the next 24 hours!"

The token exploded after the dinner announcement in April, accelerating recovery from the tariff-triggered crash. As the token price fell, TRUMP's on-chain activity soared, mirroring renewed investor interest in the meme coin.

TRUMP token price slides, testing key support level

The Official Trump meme coin's uptrend from the previous week's support at $10.00 hit a roadblock, reflecting immense liquidity at the 12-hour 200 Exponential Moving Average (EMA), currently at $14.72.

The larger cryptocurrency market also retreated following a major risk-on sentiment-initiated rally as investors digested the impact of trade talks between the U.S. and China.

At the time of writing, TRUMP is trading at $12.51, testing a confluence support around $12.11, established by the 50- and 100 EMAs as illustrated on the daily chart.

Relative Strength Index (RSI) indicator's downward trend at 48.30 signals an intensifying bearish momentum likely to accelerate the retracement below the confluence support.

From the technical perspective, TRUMP is approaching the 50-EMA on the 12-hour chart, currently at $12.11, a level that could influence the token's price trends.

For now, traders would focus on the ability of the confluence support area at $12.11 to absorb the selling pressure. However, if TRUMP's declines overshadow the support, the next tentative level at $10.00 could be tested.

On the other hand, traders should temper bearish projections, especially with the exclusive dinner with President Trump approaching. Interest in the meme coin could surge, creating demand and igniting a larger-than-expected rally.