Trump Memecoin’s Resilience Amidst Political Controversy

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The memecoin tied to U.S. President Donald Trump has experienced a remarkable surge of about 16% in the past 24 hours. This surge comes amidst increasing scrutiny from Democratic lawmakers concerning the president’s involvement with the token, which they suggest could be grounds for impeachment. This development follows a substantial release of the token earlier this month.

During a town hall meeting on Friday, Senator Jon Ossoff (D-Ga.) focused on a crypto project's offer, which grants its top investors an invitation to a dinner event with President Trump. Ossoff described this as a blatant instance of monetizing access to the presidency, according to reports from NBC News.

"When the sitting president of the United States is exchanging access for what effectively amounts to direct payments to him, it unquestionably constitutes an impeachable offense," Ossoff emphasized.

Moreover, U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) have formally requested the U.S. Office of Government Ethics to probe whether President Trump transgressed federal ethics rules by extending these invitations.

This controversy stems from an announcement regarding a private dinner scheduled for May 22, where the leading 220 TRUMP memecoin holders are promised a chance to meet with the U.S. President.

Despite the political heat, the TRUMP token continues to rise. The memecoin soared over 70% following the event announcement and has gained an impressive 85% over the past week.

This surge follows a massive token unlock earlier this month, which significantly increased its circulating supply. In less than three months, the TRUMP token is set for another unlock, releasing an additional 25.1% of its current circulating supply, valued at nearly $780 million.

However, despite these recent gains, the token remains down more than 77% from its all-time high, which exceeded $70 shortly after its launch. This price decline has resulted in an estimated $2 billion loss for investors.