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Users of the TRUMP memecoin have collectively spent over $140 million, hoping to secure an invitation to dinner with Donald Trump. This event is scheduled for May 22 at Trump’s National Golf Club in Washington, D.C., and invitations will be extended to the top 220 token holders. Additionally, the leading 25 athletes will have the opportunity to attend a private VIP event, which includes guided tours of the venue. A blockchain analytics company, Inca Digital, reported a rapid increase in trading volume immediately after the event was announced on April 23.
After an 88% drop, TRUMP’s value bounced back by almost 40%. The total amount investors must spend can be anywhere from $53,500 to $16.4 million to make the leaderboard. Although Sun VIP users know that the wallet has the most tokens, its ownership remains a mystery.
Groups that focus on ethics and some legislators are concerned that the event can create conflicts of interest, since Wall Street is a significant financial contributor to political parties. Some say that an affiliate of the Trump Organisation is a shareholder in the TRUMP meme coin, so many people wonder if this means Donald Trump or his family could profit from others purchasing the coin.
Tony Carrk, executive director of Accountable, said that because the anonymous nature of wallet holders is a big concern, new privacy rules must be implemented to protect the people and the wallets. With big purchases usually coming from sites outside the country, it’s hard to get complete details about what is bought and how it gets transported. Some people think that making it possible for individuals to pay for unique access to a politician, for only a small donation, makes it vague whether their main goal is to win over voters or to make a profit.
The current price of TRUMP is $13.52, a 69% rise from one month ago. The growth is attributed to the dinner announcement and the general increase in enthusiasm in the Bitcoin market. Politics and shifts in the market from new policies significantly affect how investors act with meme coins.
The increase in Bitcoin to $109,000 has encouraged many in the market, leading to the rise in the value of different tokens. The increase in TRUMP tokens highlights the relationship between politics and the crypto world.
