Hassan Maishera
TL;DR
-
The TRUMP coin rallied above $16 on Wednesday but has now retraced to $12 as the broader market sheds some gains.
-
The rally comes after President Trump hosted a dinner event for top token holders.
$TRUMP Rallies By 70% to Hit $14.5
$TRUMP, marketed as Donald Trump's official crypto token, was one of the best performers in the market on Wednesday, adding 70% to its value and surging to the $16 level. The token was trading around the $9 mark on Tuesday but rallied to reach a monthly high of $16 on Wednesday.
The rally was fueled by an invitation to a dinner event with the U.S. President for token holders, which appeared on the project's website. A banner about the event on the project's website read,
"Join President Donald J. Trump at his Private, Members-Only Club in Washington, D.C. for Dinner!"
The token has now retraced and currently trades at $12 per coin. The retracement coincides with the broader market, with Bitcoin also trading below $93k after hitting the $94k level on Wednesday.
The dinner invitation comes after $300 million worth of previously locked-up TRUMP tokens were added to circulation on April 18. Official data revealed that roughly 75% of all existing tokens are still locked up. The next unlock is coming up in July and will increase the supply by over $600 million of coins.
$TRUMP, launched in January, rallied to an all-time high of $73 a day before President Trump’s inauguration. The token has lost 80% of its value since then, as Bitcoin and the broader crypto market suffered losses due to the ongoing tariff war between the United States and its trade partners.
