Trump Token Surges 25% to $2.7B on Dinner Hype, 762,000 Wallets Lose

The $TRUMP token has experienced significant volatility recently, with sharp price fluctuations driven by the hype surrounding an exclusive dinner for the top 220 token holders, as teased by President Trump. This announcement led to a surge in interest, with the token's market cap peaking at $2.7 billion before cooling down to $2.18 billion.

According to the latest data, approximately 762,000 wallets that purchased the $TRUMP memecoin are currently at a loss. The majority of these wallets held smaller amounts of the token. In contrast, the profits were predominantly enjoyed by a select group of early investors, with 58 wallets each gaining over $10 million, totaling roughly $1.1 billion in profits. Since the initial rally, an additional 54,000 wallets have purchased the coin, bringing the total number of new wallets to 100,000 since April.

The hype surrounding the dinner has driven significant movements in the token's value. For instance, a newly created wallet withdrew 1 million $TRUMP tokens, valued at $10.78 million, from Binance, while another entity pulled out 1.39 million $TRUMP tokens, valued at $17.8 million, for the event. However, this entity is now facing a $2.8 million loss.

The Trump-branded memecoin and a related crypto venture, World Liberty Financial, are facing scrutiny from regulators and ethics watchdogs due to potential conflicts of interest. The Senate’s Permanent Subcommittee on Investigations has launched a probe into the token’s ownership and revenue model, focusing on the dinner contest, promotional posts from President Trump, and links to foreign investors such as a state-backed Emirati fund and Justin Sun.

President Trump and his allies reportedly earned nearly $900,000 in trading fees over just two days following the announcement of the exclusive dinner. Additionally, Trump is hosting a $1.5 million per-person “Crypto & AI Innovators” dinner through his super PAC. However, there is no requirement to disclose who is purchasing tickets for the event, raising concerns about hidden influence from anonymous or foreign backers, as crypto transactions are not publicly disclosed like political donations.