Donald Trump’s cryptocurrency plummets by 18%

The TRUMP cryptocurrency token, the official meme-coin on the Solana blockchain BTC $93,676.05 Bitcoin 1.96% Market capitalization $1.86 trillion VOL. 24 hours $1.89 billion associated with Donald Trump, has sharply lost value after a short-term rise the day before. The reason for the growth was the announcement of a dinner with Trump for 220 holders of the largest number of tokens to be held in Washington next month.

On Wednesday, the price of TRUMP hit a high of $ 14.72, which was the highest since early March. However, on Thursday, the token dropped by 18%, stopping at $ 11.81, according to CoinGecko. After that, the price fluctuated around this mark.

To participate in the drawing for the opportunity to have dinner with the former US president, TRUMP holders had to register on the official website, provide personal information, and confirm their ownership of the tokens via a crypto wallet. In addition to the main event, the top 25 holders are invited to a private VIP reception.

Despite the recent drop, the TRUMP token is showing a 58% increase in a week, although the change over the past month is only 2%. Nevertheless, the current rate is still far from the historical high of more than $ 73 recorded in January after the coin’s unexpected launch.

The TRUMP token is part of a broader trend of personalized cryptocurrencies used as a tool to mobilize political supporters. At the same time, such initiatives raise questions about the regulatory status and long-term stability of such assets.