TRUMP Meme Coin Tumbles After Soaring on Exclusive Gala Announcement

The TRUMP meme coin witnessed sharp volatility this week following an announcement of a high-profile dinner event involving President Donald Trump. The digital token initially surged over 30 percent on Thursday after a promotional post offered top buyers an invitation to a private gala with the president.

Set to take place on May 22 at Trump National Golf Club in Washington, D.C., the event offers a VIP experience to the top 220 $TRUMP token holders. The top 25 buyers are expected to receive access to a private reception and a special guided tour with the president.

Following the news, TRUMP coin spiked dramatically, reaching intraday highs of $13.60. The trading volume also surged to 3.9 million, as shown in the chart provided by TradingView. The Relative Strength Index (RSI) peaked at 65.31, reflecting a strong bullish sentiment, though the asset later experienced significant price pressure.

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Heightened Speculation Drives Volatility Amid Ethical Concerns

Despite the sharp rally, the price of TRUMP coin closed at $12.30, marking a 7.52 percent drop from its daily high. This came as traders began taking profits and market participants reacted to the broader implications of the promotional strategy.

The coin had previously touched a high of $74.59 before tumbling to $7.14 earlier in April, according to market data. Analysts argue that Trump’s personal involvement in crypto ventures explains the volatile price movements of this token.

New data indicates Trump along with his family members has increased their crypto-business activities. The business entities of Trump incorporate a new exchange together with World Liberty Financial and Trump Media & Technology Group’s crypto-related operations.

The disclosure received criticism from organizations that monitor conflicts which bring ethical concerns. Executive director of Accountable.US Tony Carrk said the event could blur the line between political influence and private financial gain.

The White House officials declared that President Trump’s assets operate under trust management administered by his kids. The president’s management of these businesses meets all ethical standards to their officials who say there are no financial issues present.

Market participants and regulatory analysts actively monitor the TRUMP coin as potential regulatory actions will probably affect its market movements in upcoming weeks.

Also Read: $TRUMP Coin Soars 60% as Top Holders Get Gala Dinner With President Trump

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