TRUMP memecoin's value shot up

TRUMP memecoin's value shot up after its creator revealed that the top 220 holders would be invited to a dinner with Trump on May 22.

The memecoin named after former President Donald Trump shot up in price after its creator revealed that the top 220 holders would be invited to a dinner with Trump on May 22. The top 25 people will also receive an invite to a VIP reception and private tour, as stated on the coin’s website.

Several blockchain analytics firms have noted that a flurry of transactions has taken place as people try to get on the guest list.

According to Arkham Intelligence, a holder with the alias “boop” swapped $300k of FARTCOIN for TRUMP to remain in the top 25 holders list. Boop had earlier made $107,000, which was $1.75 million during the period of the coin’s initial launch.

One of the top TRUMP holders, ‘boop’, just swapped $300K of FARTCOIN into TRUMP, so that he doesn’t fall out of the top 25 attendees for the Trump Dinner.Top holders for the TRUMP Dinner will be calculated based upon time-weighted holdings of TRUMP.‘boop’ previously turned... pic.twitter.com/U1eYD01f8s

Yet another wallet issued a sell order of 150,100 TRUMP tokens worth about $1,940 on Binance just after the announcement. Some have suggested this was done in a bid to gain an invite.

Someone created a new wallet 1 hour ago and withdrew 150,100 $TRUMP($1.94M) from #Binance for the $TRUMP dinner.https://t.co/PiszJM3hSh pic.twitter.com/kl4e4qZQj0

Arkham also featured a user named “Sun” who planned to attend the gala. The address includes a cold wallet associated with HTX, formerly Huobi, and is believed to belong to a Trump supporter and adviser to HTX, Justin Sun, the founder of Tron.

Some blockchain analytics firm called Nansen reported that the top 100 holders bought about 940,000 TRUMP tokens within one hour of the announcement of the new listing. This ramped up the price of the coin sharply, as well as the competition for positions within the list of whale wallets.

On April 24, the top 100 $TRUMP holders increased their balance by ~940K tokens in just one hour — from 975.36M to 976.30M.Now you can pinpoint when the big moves happen, not just that they did. pic.twitter.com/KP260TwUpz

TRUMP Token Surges as Trading Volume Explodes

Its price went up by nearly 60% in an hour following the dramatic announcement of it being listed as TRUMP. As of press time, its value was at $12.96, from a high of $16.03 on the day it was released. According to Nansen, its price movements show that it is a liquidity pump and dump of fake excitement from investors trying to qualify for the gala dinner.

However, for the organizations involved in the launch of the coin, namely CIC Digital LLC and Fight Fight Fight LLC, trading volume is more valuable than the price fluctuations. These three companies associated with Trump control approximately 80% of the Bul Sie supply and are the main holders of buy and sell orders on Meteora, a DEX.

These entities locked 10% percent of the tokens when the token started in January, and it was deposited in a liquidity pool. Consequently, they receive payment based on the commission for each completed transaction, which is between 0.1% and 10%. Its revenues are based on trading frequency and fluctuations rather than the token’s price.

Within the first day after the announcement of the gala event, the liquidity pool recorded $1.6m in fees. The majority of those proceeds went to CIC Digital and Fight Fight Fight as the greatest market makers. Analysts said that Trump-associated groups have probably made tens of millions of dollars in trading commissions since the coin was created.