Trump Memecoin’s 85% Weekly Rise Challenges Democrats’ Impeachment Demands and Major Unlock Events

TRUMP, the cryptocurrency associated with U.S. President Donald Trump, has seen an increase of roughly 16% in the past day. This rise occurs amidst discussions among Democratic leaders regarding the president’s connections to the token, suggesting possible grounds for impeachment, following a significant unlock event earlier this month.

During a recent community meeting, Senator Jon Ossoff (D-Ga.) highlighted an exclusive dinner opportunity for the highest TRUMP token holders with President Trump, labeling it as a questionable act of selling presidential access, as reported.

Ossoff stated, “When the current president is soliciting payments that essentially lead back to him, it unquestionably constitutes an impeachable offense.” His remarks echo a broader concern expressed by other lawmakers.

Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) have also reached out to the U.S. Office of Government Ethics, prompting an investigation into whether President Trump breached federal ethical standards by engaging top investors in this manner.

The controversy arises from the announcement of a private dinner set for May 22, where the leading 220 holders of the TRUMP token will meet with the president.

Despite the ongoing scrutiny, the TRUMP token continues to show upward momentum. After the dinner announcement, the memecoin experienced a surge exceeding 70% and has risen by 85% over the previous week.

This upward trend is notable even after a significant unlock of $320 million earlier this month, which dramatically raised its circulating supply. Projecting ahead, another unlock of 25.1% of the total supply, currently valued at almost $780 million, is anticipated in less than three months.

However, it is essential to note that the token is still down more than 77% from its peak, which surpassed $70 shortly after its launch. This significant decline has resulted in an estimated loss of around $2 billion for investors.