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Donald Trump's private dinner sends $TRUMP memecoin soaring 58% in one day
After a significant slump in recent weeks, Donald Trump's memecoin, $TRUMP appears to have made a strong comeback. The digital token, which had previously plummeted by 88 per cent from its peak, surged in value following an exclusive announcement targeting top investors.
The boost came after the official $TRUMP coin website revealed a highly exclusive offer: the top 220 holders of the token are invited to a private dinner with Trump on May 22. The event will take place at Trump National Golf Club in Washington, DC.
Touted as 'the most exclusive invitation in the world', this private gala dinner will give attendees the chance to meet Trump in person. According to the site, the top 25 coin holders will also enjoy an 'ultra-exclusive private VIP reception with the President", along with a special behind-the-scenes tour.
Coin's value surges after announcement
The announcement had an immediate impact on the coin's value. The price jumped from $5.32 to $14.32 on Wednesday afternoon — a 58 per cent increase. However, this remains far below its all-time high of $75.35, recorded on January 19, the day of Trump's inauguration.
Still, the rise provided a brief respite to investors who had seen steep losses. The dinner invitation has added a fresh incentive for those looking to climb the leaderboard of $TRUMP holders.
Leaderboard competition: Who gets in?
The $TRUMP coin website outlines how participants can qualify for the exclusive dinner. Access is granted based on holdings between April 23 and May 12. The leaderboard updates hourly in real time.
'The more $TRUMP you hold — and the longer you hold it — the higher your ranking will be,' reads the official site. It adds, 'The competition is fierce. Own $TRUMP — or watch from the sidelines.'
The dinner is not just about meeting Trump — it's being marketed as a platform to hear his plans for cryptocurrency directly. 'President Donald J Trump is known as the 'Crypto President!' At this Intimate Private Dinner, Hear First-Hand President Trump Talk about the Future of Crypto,' the website states.
Trump's digital ambitions
Trump, once a critic of cryptocurrencies, has recently embraced the industry, pledging to make the United States the global hub for digital finance. He has backed various crypto-related projects, including NFTs and platforms like World Liberty Financial.
According to the $TRUMP coin site, a large portion of the memecoin supply — around 80 per cent — is owned by CIC Digital LLC, affiliated with the Trump Organisation, and Fight Fight Fight LLC.
Melania Trump also released her own memecoin shortly after the inauguration. As of now, Trump's coin trades at $13.28, while Melania's stands at just $0.47. (With agency inputs)
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