The $TRUMP token has been on a rollercoaster lately, with sharp price swings, driven by hype around an exclusive dinner for the top 220 token holders teased by President Trump.
Interest in the TRUMP token shot up over 50% after Trump promised the “gala dinner,” which pushed the token’s market cap to a peak of $2.7 billion, and has since cooled down to $2.18 billion.
According to a latest CNBC report, Data from Chainalysis shows that around 762,000 wallets that bought the $TRUMP memecoin suffered losses and are currently in the red. Most of these wallets held smaller amounts of the token.
The profits were mostly enjoyed by a few early whales as they grabbed the lion’s share. 58 lucky wallets managed to gain over $10 million each, totaling roughly $1.1 billion in profits. Since that rally, about 54,000 more wallets have bought the coin, bringing the total to 100,000 new wallets since April.
The dinner hype is driving big moves, as a newly created wallet withdrew 1M $TRUMP ($10.78M) from Binance, while @MemeCore_ORG pulled out 1.39M $TRUMP ($17.8M) for the event, now facing a $2.8M loss.
However, the Trump-branded memecoin and a related crypto venture, World Liberty Financial, are facing heat from regulators and ethics watchdogs over possible conflicts of interest.
The Senate’s Permanent Subcommittee on Investigations has now launched a probe into the token’s ownership and how it makes money. It mainly centers around the dinner contest, promotional posts from President Trump, and links to foreign investors like a state-backed Emirati fund and Justin Sun.
President Trump and his allies reportedly made nearly $900,000 in trading fees over just two days after announcing the exclusive dinner.
Besides, Trump is also holding a $1.5 million per-person “Crypto & AI Innovators” dinner through his super PAC. But there is no requirement to reveal who is buying into the event, which has sparked concerns. Crypto transactions are not publicly disclosed like political donations, which has raised fears of hidden influence from anonymous or foreign backers.
The $TRUMP token surged due to a dinner event tease by Trump, sparking hype and massive price swings in the memecoin market.
Yes, U.S. senators are probing the token over conflicts of interest, anonymous funding, and links to foreign investors.
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