$TRUMP: An Exclusive Dinner Has Triggered a 200% rise in On-Chain Transactions

An exclusive dinner event was hosted by President Trump for holders of the controversial memecoin token TRUMP, and this event attracted a lot of attention. After being introduced earlier this year, the price of TRUMP skyrocketed, going from under 10 dollars to over 70 dollars in just one day. But then everything changed in the market and the value of the token dropped to $7 when the entire cryptocurrency market was sold off. However, the president's announcement sparked interest in the token, causing this downward trend to suddenly reverse. Exclusive dinner plan Ignite TRUMP Token Activity Throughout the weekend, TRUMP experienced an impressive increase of 80%, reaching around $16. This revival came with a significant rise in on-chain transactions, according to a report by market analysis firm Kaiko. On April 23, the team behind the memecoin TRUMP revealed plans to host an exclusive dinner for 220 top holders. Notably, the top 25 holders will have the unique opportunity to meet President Trump himself. This announcement has triggered a wave of strong activity, with nearly 10,000 wallets transferring TRUMP tokens on that day—an astonishing increase of 200% compared to the previous day. Trading volume surged to about $2.3 billion, marking the busiest day of the month. Interestingly, most of this volume came from smaller holders, with wallets containing less than $100,000 worth of TRUMP tokens driving this activity. This change is particularly evident as the percentage of wallets transferring small amounts of TRUMP has surged from the usual 46% to 75% following the dinner announcement. Notably, transactions under $1,000 account for 47.2% of active wallets, indicating a significant increase in retail investors. 37% chance Bitcoin will reach 100,000 dollars by the end of the month The enthusiasm surrounding TRUMP is not limited to on-chain activities. The token has recorded the highest daily trading volume on centralized exchanges (CEX) since mid-February, surpassing other major memecoins like Dogecoin (DOGE). In fact, the official cryptocurrency of the president accounts for nearly 50% of the total trading volume of memecoin on centralized exchanges last Wednesday.

According to the report, although the initial excitement has subsided, there is still a possibility that activities will resume as the deadline for qualifying to participate in the dinner approaches. The rules stipulate that only the top 220 holders on average from April 23 to May 12 are eligible, which may boost trading and remittance activities among holders. The recent increase in interest in memecoins such as TRUMP occurs against the backdrop of a cryptocurrency market that is experiencing a strong upward trend, characterized by the revival of Bitcoin. Bitcoin's dominance remains high, reminiscent of the first half of 2021 when the market began to shift towards smaller-cap assets, often referred to as "altcoin season." However, the current market context indicates a different trajectory, with Bitcoin still maintaining its strong position. The options market has shown significant confidence in the stability of Bitcoin, especially with a substantial increase in trading volume related to the $100,000 options expiring on May 30. According to current estimates, there is a 37% chance that Bitcoin will trade above $100,000 by the end of May, a promising outlook considering this coin's recent trading level of nearly $74,000.

As of now, the memecoin is trading at $14.29, down 1.1% over the 24-hour period.