TRUMP token experiences market revival ahead of exclusive dinner event for its top holders

The TRUMP token, a cryptocurrency associated with President Donald Trump, is showing signs of renewed strength. The token’s price has surged by 80% to reach approximately $16 following the announcement of an exclusive dinner event for the token’s top holders.

This event, which is set to take place on May 18, will provide an opportunity for the top 220 TRUMP token holders to come together for a special dinner. The top 25 holders will also have the chance to meet President Trump in person and receive a tour of the White House.

The news has triggered a wave of trading activity. Nearly 10,000 wallets transferred TRUMP tokens on April 23 alone, representing a 200% increase from the previous day, according to market analysis firm Kaiko.

Retail Investors Drive Volume

This activity drove TRUMP’s trading volume to around $2.3 billion, making it the busiest trading day of the month and one of its largest to date.

Most of this volume can be attributed to smaller investors, with wallets containing less than $100,000 worth of TRUMP tokens driving the surge in activity.

After the dinner announcement, the share of wallets transferring smaller amounts of TRUMP increased from the usual 46% to 75%. Transactions under $1,000 accounted for 47.2% of active wallets.

This influx of smaller investors is likely linked to their interest in qualifying for the exclusive event.

The TRUMP token, which was introduced earlier this year, has seen its fair share of volatility. After launching with an initial price of less than $10, the token’s value soared to more than $70 in a single day.

However, market conditions later pushed its price down to $7 before this recent resurgence.

Exchange Volume Reaches Record Levels

The excitement wasn’t limited to on-chain activity. TRUMP recorded its highest daily trading volume on centralized exchanges since mid-February, surpassing other major memecoins like Dogecoin.

On Wednesday, the token saw over $2 billion in trading volume. This represented nearly 50% of all memecoin trading volume on centralized exchanges that day, marking its third-largest trading day on record.

Following the announcement, TRUMP surged by 60%, climbing from $9 to approximately $14 within 24 hours. However, the momentum has since cooled, with the token maintaining a horizontal trend as initial investor enthusiasm has subsided.

According to Kaiko’s report, while the initial excitement has tapered off, there’s potential for renewed activity as the deadline for dinner eligibility approaches. The rules stipulate that only the top 220 average holders between April 23 and May 12 will qualify for the dinner event.

This qualifying period is likely to fuel increased trading and movement of funds among holders as they jockey for position to secure their spot at the exclusive dinner.