Given that the price of the memecoin had plummeted by 90% since its initial launch, the upcoming dinner could be a strategy to stabilize the token’s price and enhance its value for future sales. Dylan Bane, an analyst at research firm Messari, noted, "They likely want to avoid setting a precedent of aggressive sell-offs, especially with the majority of tokens still locked for the next 24 months.” The dinner invitation has also sparked ethical questions regarding potential conflicts of interest associated with a presidential memecoin.
The value of President Trump’s endorsed memecoin, TRUMP, experienced a dramatic spike on Wednesday, soaring by 58% in just one hour near the $15 mark for the first time since March. This surge followed the announcement that the top holders of the token would be invited to an exclusive dinner with Trump at his golf club near Washington, D.C., on May 22.
Related Reading: Pi Network Frenzy Builds: $5 Prediction As Whales Take Out Millions Late last week, there was concern regarding the release of 40 million additional TRUMP tokens to its creators and CIC Digital, a company affiliated with Trump. Such token unlocks can typically dilute market value by increasing supply, often leading to sell-offs as insiders seek to profit.
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