President Trump’s announcement of an exclusive dinner with the top 220 holders of his memecoin triggered a price pump, but data questions its sustainability.
Official Trump (TRUMP) jumped 52% on April 23 after the announcement of an exclusive in-person dinner for the top tokenholders with US President Donald Trump. For some crypto advocates, this marks the end of the bear market, especially as Bitcoin (BTC) bounced back above $93,000, but others raise suspicions on how sustainable the TRUMP memecoin rally really is.
From a purely performance perspective, the Official Trump (TRUMP) memecoin has been a disappointment. After soaring above $75 on launch day, its gains quickly disappeared as investors noticed the high concentration of tokens and the short-term vesting period.
At first sight, it is difficult to justify TRUMP’s current market capitalization of $2.6 billion, given that 80% of the supply was allocated to founders and entities controlled by Trump.
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