Recently, the cryptocurrency market has once again been in an uproar due to a piece of news. TRUMP announced that he would invite the top 220 people who hold the largest amount of his personal meme coin, “$TRUMP”, to have dinner together at a golf club outside Washington on May 22. This news instantly ignited market enthusiasm, and the price of “Trump Coin” fluctuated sharply accordingly.
According to the ranking list released by the “Trump Coin” website, as of now, if one wants to take the lead in the competition for the qualification of this dinner party and rank first, they need to hold approximately 400,000 “Trump Coins”. Estimated at the current coin price, the value is as high as about 5.2 million US dollars. To ensure that one can enter the top 220 and obtain a ticket to the dinner party, the average amount of currency held also needs to reach a certain scale. Data shows that the 220 fans who successfully qualified for the dinner party spent a total of approximately 148 million US dollars on purchasing “Trump Coins”.
This means that if participants want to have dinner with Trump, they need to hold a considerable amount of “Trump Coins” during the event period from April 23rd to May 12th. Take the top-ranked token holders as an example. Some of the investors in the top 220 hold tokens worth around 4.3 million US dollars. This amount has become an “invisible threshold” for participating in this special dinner.
The “Trump Coin” has been highly controversial since its launch. The official website of the coin shows that 80% of the “Trump Coins” on the market are held by the Trump family business, the Trump Organization, and the “Fight, Fight, Fight” company. Previously, Trump’s attitude towards cryptocurrencies underwent a shift from opposition to support, and during his presidential campaign, he promised to become the “President of Cryptocurrencies”. Nowadays, through events such as having dinner with “Trump Coin” holders, the Trump family’s interest relationship with cryptocurrencies has become increasingly close, which has also sparked a lot of criticism and doubts.
In the cryptocurrency market, the price fluctuation of “Trump Coin” caused by the news of the dinner party this time has made it stand out among many altcoins and become the focus of market attention recently. Some investors believe that “Trump Coin”, relying on Trump’s personal influence, has attracted a large amount of capital inflow in a short period of time and may have the potential to become the leader in this round of altcoin market. However, there are also many cryptocurrency experts who are cautious about this. They pointed out that the price of “Trump Coin” fluctuates sharply, and the multiple wallet addresses behind it may be associated with foreign individuals or entities, intensifying concerns about potential conflicts of interest between the Trump family’s business interests and foreign forces. Moreover, such meme coins usually lack actual value support and are more likely to be hyped up by relying on hot events and the influence of celebrities, with extremely high investment risks.
Judging from market performance, within a week after the announcement of the dinner news, the trading volume of “Trump Coins” exceeded 1.3 million US dollars, and the price soared from about 9 US dollars to around 14 US dollars at one point. However, as the event ended on May 12th, the price of the coin dropped rapidly. As of 4 p.m. Eastern Time on May 12th, the price was $12.59. This significant rise and fall in price fully reflects its characteristics of high risk and high volatility. Despite this, in the current context where the altcoin market is generally active and various new coins are constantly emerging, “Trump Coin” has indeed attracted a large number of investors’ attention in the short term with its unique marketing approach and the popularity of Trump. Whether it can continue to lead the trend of altcoins in the future remains to be further verified by the market.
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