Top TRUMP Token Holders Sell Off Before and After Gala Event
Recent market data indicates a significant decline in the Official Trump token prices following a crypto dinner hosted by U.S. President Donald Trump.
Key Events Surrounding the TRUMP Token
- The Trump crypto gala took place on May 22, attracting over 220 top holders of the TRUMP token.
- Prior to the event, the token experienced a 30% increase in value.
- Attendees held approximately $394 million worth of the TRUMP token, with the top 25 wallets given VIP access to a private session with the president.
- Despite the exclusive nature of the event, blockchain data showed that 92,220 eligible wallets sold their holdings before the gala, leading to a 14.84% price drop to $13.36.
- Post-event, the number of tokens held by the largest wallets decreased from 11.3 million to 7 million, indicating a potential strategic sell-off by insiders.
- The event faced political backlash, with protests and criticism from lawmakers regarding the implications of using digital assets for political dealings.
- Senator Chris Murphy criticized the event as corrupt, calling for transparency regarding the guest list.
- A proposed bill aims to ban government officials from launching meme coins, following concerns raised after the release of Trump's memecoins earlier this year.
The volatility of the TRUMP token underscores the risks associated with meme coins, which often fluctuate based on public sentiment rather than solid use cases.