Trump token soars 80% as event drives record activity
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The TRUMP token staged an extraordinary recovery over the weekend, fueled by news of an exclusive dinner event organized by President Trump for its top holders. After a sharp decline that saw its price collapse from above $70 to $7 following broader market weakness, the token regained momentum, surging approximately 80% to trade around $16.
The announcement that the top 220 holders of TRUMP would be eligible for an exclusive dinner, with the top 25 meeting President Trump personally, ignited intense on-chain activity. According to Kaiko, on April 23 alone, on-chain transactions increased by 200%, with nearly 10,000 wallets transferring TRUMP tokens. Trading volumes soared to $2.3 billion, marking the most active trading day for the token this month. Activity was driven largely by smaller investors, with wallets holding less than $100,000 in TRUMP accounting for the majority of transactions. Post-announcement, the share of wallets transferring less than $1,000 worth of TRUMP rose sharply from 46% to 75%, underscoring a broadening retail participation.
The spike in interest also translated to centralized exchanges, where TRUMP outpaced other major memecoins such as Dogecoin (DOGE), capturing nearly 50% of all memecoin trading volume last Wednesday. Although the initial wave of enthusiasm has tapered, further volatility is expected as the eligibility window for the dinner event remains open until May 12, likely sustaining high trading volumes and strategic repositioning among holders.
The resurgence of TRUMP comes against a backdrop of renewed bullish momentum across the cryptocurrency market. Bitcoin continues to dominate, maintaining levels near $74,000 while options market data shows a 37% probability of Bitcoin breaching the $100,000 mark by the end of May. This robust market structure contrasts with the altcoin-driven rallies of previous cycles, suggesting that Bitcoin’s dominance could persist even as memecoins like TRUMP attract speculative interest.
Currently, TRUMP is trading at $14.29, down 1.1% over the last 24 hours. However, the ongoing promotional incentives tied to the upcoming event and broader positive sentiment across the crypto sector suggest that volatility will remain elevated in the near term.
The announcement that the top 220 holders of TRUMP would be eligible for an exclusive dinner, with the top 25 meeting President Trump personally, ignited intense on-chain activity. According to Kaiko, on April 23 alone, on-chain transactions increased by 200%, with nearly 10,000 wallets transferring TRUMP tokens. Trading volumes soared to $2.3 billion, marking the most active trading day for the token this month. Activity was driven largely by smaller investors, with wallets holding less than $100,000 in TRUMP accounting for the majority of transactions. Post-announcement, the share of wallets transferring less than $1,000 worth of TRUMP rose sharply from 46% to 75%, underscoring a broadening retail participation.
The spike in interest also translated to centralized exchanges, where TRUMP outpaced other major memecoins such as Dogecoin (DOGE), capturing nearly 50% of all memecoin trading volume last Wednesday. Although the initial wave of enthusiasm has tapered, further volatility is expected as the eligibility window for the dinner event remains open until May 12, likely sustaining high trading volumes and strategic repositioning among holders.
The resurgence of TRUMP comes against a backdrop of renewed bullish momentum across the cryptocurrency market. Bitcoin continues to dominate, maintaining levels near $74,000 while options market data shows a 37% probability of Bitcoin breaching the $100,000 mark by the end of May. This robust market structure contrasts with the altcoin-driven rallies of previous cycles, suggesting that Bitcoin’s dominance could persist even as memecoins like TRUMP attract speculative interest.
Currently, TRUMP is trading at $14.29, down 1.1% over the last 24 hours. However, the ongoing promotional incentives tied to the upcoming event and broader positive sentiment across the crypto sector suggest that volatility will remain elevated in the near term.