Trump's memecoin price jumps after announcement of dinner with US president
Donald Trump presented his memecoin in January. After a steady fall in value, the price has now jumped: the promise of an exclusive dinner.
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Donald Trump's cryptocurrency has gained almost 60 percent in value since Wednesday after those responsible promised the 220 people with the most coins an “intimate private dinner” with the US president. As a result, the price of a $TRUMP soared from just over 9 US dollars to almost 15 US dollars, only to fall again slightly. The memecoin, which is just three months old, has not been worth this much for more than a month, while the price is still far below its peak at the end of January. The White House refers to the separation of the president's business, but the opposition in the US has nevertheless voiced harsh criticism.
Sharp criticism of “corruption”
On a website, the dinner – is advertised under an AI-generated image of Donald Trump – as a reward for registered users who hold the most $TRUMP permanently between April 23 and May 12. The dinner itself is scheduled to take place on May 22 at one of Trump's golf clubs in the US capital. For the 25 people who ultimately top the leaderboard, there will be an “ultra-exclusive, private VIP reception” with a “special tour”.
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The dinner promise is not a case of “Trump just being Trump”, criticized US Senator Chris Murphy (Democrat) on the short message service X. “The Trump Coin scam is the most brazen and corrupt thing a president has ever done.” Just last week, considerable quantities of previously blocked memecoins held by one of Trump's companies were released, writes Bloomberg. If they could now be sold for higher prices, Trump could benefit directly from this.
A White House spokeswoman referred to the separation of the US president's private businesses and rejected accusations of corruption: “President Trump's assets are held in trust by his children,” she told the Reuters news agency. “There are no conflicts of interest.”
Donald Trump introduced his cryptocurrency shortly before taking office at the end of January. Within hours, the value of a crypto coin rose to over 70 US dollars, before falling rapidly and then more steadily. Those who bought early and sold at the right time were able to make a profit. According to analyses, 31 accounts managed to do this, making a combined profit of 669 million US dollars. One even made a good 110 million US dollars from 1.1 million US dollars. However, the vast majority of accounts with Trump coins have made losses or are still holding coins that have lost value.
(mho)
