Donald Trump’s cryptocurrency has fallen by 80% from its maximum

The announcement of a gala dinner with Donald Trump for the largest holders of the TRUMP meme coin has led to a sharp increase in online activity and a jump in the token’s price. According to Kaiko, the volume of transactions in TRUMP reached $ 2.4 billion in just one day after the announcement, and the number of active wallets was three times higher than usual.

The event, scheduled for May 22 at Trump’s private golf club in Washington, D.C., will feature 220 investors with the most tokens. The most successful 25 will have the opportunity to meet Trump in person and take a tour of the White House. To receive an invitation, you need to hold the largest volume of TRUMP between April 23 and May 12.

Analysts note that the main activity in the network was shown by small investors: about 75% of transactions were less than $ 10,000, and 47% were below $ 1,000. This indicates high interest from retail players. Trading volume on centralized exchanges has been at a record high since mid-February, and the token itself has taken up almost half of the turnover in the memecoin segment.

After the announcement, the price of TRUMP rose from $ 9 to $ 14.5, peaking at $ 16 on April 26. At the time of writing, it has dropped to around $ 14. In total, the token gained about 70% in value over the week, but remains 80% below its all-time high of $ 73.4.

Despite the market excitement, the gala dinner caused a political outcry, with the Senate calling it «an example that exceeds any previous standards for impeachment.» This creates additional pressure on both the activists and the initiators of the event. Online activity is expected to increase again closer to the event date.