An Exclusive Dinner Event Has Been Organized by President Trump for Holders of the Controversial Memecoin TRUMP Token

An exclusive dinner event organized by President Trump for holders of the controversial memecoin TRUMP (TRUMP) token has sparked a significant surge in activity, according to a new report by Kaiko.

After being introduced earlier this year, TRUMP experienced a remarkable price increase, soaring from less than $10 to more than $70 in just one day. However, as the crypto market underwent a sell-off, the token’s value dropped to $7.

Later, President Trump’s announcement of an exclusive dinner for the top 220 holders of the memecoin, originally reported by DeepChain, served to quickly shift the narrative and generate interest in the token, which in turn caused a sudden flip in this declining trend.

Over the weekend, TRUMP showcased an impressive 80% uptrend, reaching approximately $16, as highlighted by Kaiko's analysis. This resurgence was accompanied by a substantial increase in on-chain transactions.

On April 23, the team behind the TRUMP memecoin revealed plans for an exclusive dinner catering to the top 220 holders. Notably, the top 25 holders would have the unique opportunity to meet President Trump himself.

The announcement triggered a flurry of activity, with nearly 10,000 wallets transferring TRUMP tokens on that day alone—a staggering 200% increase from the previous day.

This activity also drove up the trading volume to around $2.3 billion, making it the busiest day of the month for the token. Interestingly, most of this volume came from smaller holders, with wallets containing less than $100,000 in TRUMP driving the activity.

This shift was particularly evident as the share of wallets transferring smaller amounts of TRUMP surged from the usual 46% to 75% after the dinner announcement. Notably, transactions under $1,000 accounted for 47.2% of active wallets.

The enthusiasm surrounding TRUMP was not limited to on-chain activity. The token recorded its highest daily trading volume on centralized exchanges (CEXs) since mid-February, eclipsing other major memecoins like Dogecoin (DOGE).

Per the report:

“In fact, the President’s official cryptocurrency accounted for nearly 50% of all memecoin trading volume on centralized exchanges last Wednesday.”

While the initial excitement has tapered off, there is potential for renewed activity as the deadline for eligibility to the dinner approaches. The rules stipulate that only the top 220 average holders between April 23 and May 12 will qualify, likely fueling increased trading and movement of funds among holders.

The recent surge of interest in memecoins like TRUMP occurs amid a broader bull run in the cryptocurrency market, characterized by Bitcoin’s (BTC) resurgence. Bitcoin dominance has remained high, contrasting with the first half of 2021 when the market shifted towards smaller-cap assets, often described as "altcoin season."

However, the current market landscape suggests a different trajectory, with Bitcoin maintaining its stronghold despite the memecoin frenzy.

According to the report:

“Options markets are also pricing in significant confidence in Bitcoin’s stability, especially with a notable volume increase around a $100,000 strike option set to expire on May 30. Current estimates suggest a 37% probability that Bitcoin will be trading above $100,000 by the end of May, a promising outlook given its recent trading levels near $74,000.”