Uncle Sam's Hound Dogs Barking Over TRUMP Coin Bash
Trump Coin's Value Surges 70% Post Exclusive Dinner Announcement News
Here's a lowdown on the recent TRUMP coin drama that's got the chatter boxes in Washington all hot and bothered.
Dinner Invite Triggers Crypto Chaos
The TRUMP coin, a PolitiFi token with the big orange geezer's mug plastered all over it, has been causing a stir lately. The team behind this meme currency deposited a cool $20 mill in tokens to exchanges just prior to announcing a presidential fandango.
On April 29, blockchain sleuths at Lookonchain spotted a wallet tied to the TRUMP coin crew offloading over 700,000 tokens to Binance, worth about $10.21 million. They also dumped a chunk of the loot to OKX and Bybit. This sudden cash-out has set investors' teeth on edge.
The dumping spree came immediately after the TRUMP team revealed plans for an exclusive shindig with PDT himself, inviting the coin's top 220 wallet holders. The date for this all-star event is up in the air, with reports suggesting it'll happen on either May 18 or May 22, 2025.
Market Goes Wild Over Dinner News
The dinner announcement caused a frenzy in the crypto world, with TRUMP on-chain transactions surging a whopping 200%. Nearly 10,000 wallets traded the token on the day of the announcement, in what seemed like a mad dash to grab a spot at the presidential powwow.
The token's price rocketed in response, ballooning by 60-80% in a single day, taking it to around $14-$16. Trading volume was off the charts, too, with a staggering $2 billion being shuffled on centralized exchanges. This was the token's highest daily volume since mid-February and its third-largest trading day ever.
This dramatic surge in trading saw TRUMP account for nearly 50% of all meme coin trading volume on the day following the announcement.
Retail Investors Rule the Roost
Smaller investors were the driving force behind the recent TRUMP trading frenzy. Wallets containing a paltry hundred grand or less accounted for a significant chunk of the action.
The percentage of these smaller wallets increased dramatically after the dinner announcement, rising from the usual 46% to 75%. Transactions under $1,000 accounted for 47.2% of active wallets, indicating a wave of newbies hoping to get a piece of the action.
Politicians Join the Party
The elbow-bending affair has attracted some unwelcome attention from the political peanut gallery. Senators Adam B. Schiff and Elizabeth Warren have fired off a letter to the powers that be, asking for a probe into the matter.
They're particularly interested in whether the dinner offer for top TRUMP token holders amounts to pay-to-play corruption, as it could be a violation of ethics rules if it boosts the token's value by around $100 million. No word yet on whether the Office of Government Ethics is taking the bait.
The event is still on the calendar for May 22, 2025, at Trump National Golf Club, so it's anyone's guess how this delicious distraction will unfold. Stay tuned, folks, this ain't over yet!
- The TRUMP coin, a cryptocurrency tied to former President Trump, has been the center of recent controversy, causing a stir in Washington.
- On April 29, large amounts of TRUMP tokens were transferring from the coin's team's wallet to exchanges like Binance, OKX, and Bybit, causing concerns among investors.
- This sudden token dumping occurred after the TRUMP team announced an exclusive dinner with Trump, inviting the coin's top 220 wallet holders.
- The news of the dinner caused a surge in the cryptocurrency's trading, with over 10,000 wallets trading TRUMP tokens on the day of the announcement.
- The average price of the TRUMP coin jumped by 60-80%, reaching around $14-$16, and the trading volume spiked to a levels not seen since mid-February.
- Politicians, such as Senators Adam B. Schiff and Elizabeth Warren, have started questioning the ethics of the TRUMP coin's dinner offer, suggesting it could amount to pay-to-play corruption and violate ethics rules.
