TRUMP, marketed as Donald Trump’s official crypto token, rallied on Wednesday as an invite to a dinner occasion with the U.S. President for token holders appeared on the mission’s web site.
“Be part of President Donald J. Trump at his Non-public, Members-Solely Membership in Washington, D.C. for Dinner!,” a banner concerning the occasion on the mission’s web site stated.
The invite is focused for the 220 largest token holders, per the occasion’s web site.
The token surged over 70% following the information briefly hitting $16, its strongest value since early March. Later it retraced to beneath $13, nonetheless up 43% over the previous 24 hours.
The occasion, notably, comes after $300 million price of beforehand locked-up TRUMP tokens have been added to circulation on April 18, in keeping with Tokenomist information. Some 75% of all current tokens are nonetheless locked up, with the subsequent unlock arising in July growing the availability by over $600 million of cash.
The TRUMP token, launched solely days earlier than Donald Trump’s presidential inauguration on January 20, was met with industry-wide backlash for capitalizing on the eye and Trump’s public workplace and heavy allocations to insiders.
The launch additionally marked the height in speculative froth on crypto markets. Bitcoin (BTC) declined over 30% from report costs within the following weeks, whereas many smaller, extra speculative cryptocurrencies suffered 80%-90% drawdowns.
Regardless of immediately’s rally, TRUMP coin nonetheless trades greater than 80% beneath its January 19 report value of $73.
Learn extra: TRUMP Coin’s Largest Critics Are Crypto Business Insiders