Donald Trump’s meme coin saw a significant increase of over 50% on Wednesday following an announcement that the top 220 holders would have the opportunity to attend a private gala dinner with the president on May 22. Additionally, the top 25 owners will receive an “ultra exclusive VIP reception” and special tours, as stated on the website.
Trading at around $14.70, the $Trump coin experienced a surge of more than 50% after the news, but dropped slightly to $12.30 on Thursday, according to Coinmarketcap.
The sudden jump in Trump meme coins on Wednesday indicated that investors were eager to begin a process allowing more original investors and insiders to cash out, typically leading to a price drop. However, Coin’s X account reported a 90-day delay in this “unlock” process.
Memecoins, like $Trump, are trend-inspired digital tokens without inherent utility and often lose value quickly after initial hype.
President Trump, who was previously skeptical of cryptocurrency, now embraces the sector, having been dubbed the “crypto president” and hiring a venture capitalist to oversee AI and cryptocurrency initiatives. He and the First Lady have launched Memecoins and initiated a cryptographic platform called World Liberty Financial.
Trump Media and Technology Group, led by a majority shareholder who is the president, recently partnered with Crypto.com for investment products related to cryptocurrency. The U.S. Department of Justice’s decision to dissolve a unit dedicated to investigating crypto fraud and loosening surveillance in the digital asset sector has raised concerns among Democrats and watchdogs about potential risks to investors and the economy.
Source: www.theguardian.com
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