TLDR:
- TRUMP token surged 80% to $16 after announcing an exclusive dinner for top 220 holders
- On-chain transactions increased 200% with nearly 10,000 wallets transferring tokens in a single day
- Trading volume reached $2.3 billion, with smaller holders (under $100,000) driving most activity
- TRUMP accounted for nearly 50% of all memecoin trading volume on centralized exchanges
- The dinner event will include a meet-and-greet with President Trump for the top 25 holders
The TRUMP token, a cryptocurrency associated with President Donald Trump, experienced a dramatic market revival following the announcement of an exclusive dinner event for its top holders. The token price jumped 80% to approximately $16 over the weekend, reversing a previous downward trend that had seen its value drop to $7.
The surge came after the team behind the TRUMP memecoin revealed plans for a special dinner on May 18 for the top 220 token holders. According to the announcement, the top 25 holders would have the chance to meet President Trump in person and receive a White House tour.
This news triggered a wave of trading activity. Market analysis firm Kaiko reported that nearly 10,000 wallets transferred TRUMP tokens on April 23 alone – representing a 200% increase from the previous day.
Retail Investors Drive Volume
The token’s trading volume surged to around $2.3 billion, making it the busiest trading day of the month. What makes this activity even more interesting is that most of it came from smaller investors.
Wallets containing less than $100,000 worth of TRUMP tokens drove 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 indicates a rush of smaller investors hoping to qualify for the exclusive event.
The TRUMP token’s journey has been a rollercoaster. After being introduced earlier this year, its price soared from less than $10 to more than $70 in a single day. However, market conditions later pushed its value 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.
The TRUMP token appears to be finding new support following this announcement. Before the dinner news, the token had been declining along with the broader crypto market selloff.
The exclusive dinner is scheduled for May 18, with eligibility limited to the top 220 wallets holding TRUMP tokens as of May 12. In addition to the dinner itself, the top 25 holders will allegedly be granted a private meet-and-greet with President Trump.
According to information on the token’s website, this special access and dinner opportunity has clearly sparked renewed interest in the TRUMP token, resulting in the price increase and surge in trading activity documented by Kaiko Research.
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