How a Private Dinner Led to a 200% Surge in On-Chain Transactions

An exclusive dinner event has been arranged by President Trump for holders of the controversial memecoin TRUMP token, which has received considerable attention. After being launched earlier this year, TRUMP’s value skyrocketed, jumping from under $10 to over $70 within a single day.

However, market dynamics shifted, causing the token’s price to plummet to $7 amid a general sell-off in the crypto market. Nevertheless, the President’s announcement rejuvenated interest in the token, resulting in a remarkable turnaround of this downward trend.

Exclusive Dinner Plans Spark TRUMP Token Activity

Over the weekend, TRUMP experienced an impressive rebound of 80%, reaching about $16. This revival coincided with a notable increase in on-chain transactions, as documented by a market analysis firm.

On April 23, the team responsible for the TRUMP memecoin announced plans for an exclusive dinner catering to the top 220 token holders. Notably, the top 25 holders would have the unique opportunity to meet President Trump directly.

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This announcement prompted a surge of activity, with nearly 10,000 wallets executing TRUMP token transfers on that day alone—a staggering 200% escalation from the preceding day.

Trading volume surged to around $2.3 billion, marking the busiest day of the month. Remarkably, much of this volume originated from smaller holders, with wallets containing less than $100,000 worth of TRUMP tokens driving this activity.

This shift was particularly visible as the proportion of wallets transferring smaller amounts of TRUMP rose from the regular 46% to 75% following the dinner announcement. Notably, transactions below $1,000 accounted for 47.2% of active wallets, reflecting a significant influx of smaller investors.

37% Probability Bitcoin Will Reach $100,000 by Month-End

Interest in TRUMP extended beyond on-chain transactions. The token registered its highest daily trading volume on centralized exchanges (CEXs) since mid-February, surpassing other leading memecoins like Dogecoin.

In fact, the President’s official cryptocurrency accounted for nearly 50% of all memecoin trading volume on centralized exchanges last Wednesday.

According to reports, although initial excitement has diminished, there is room for renewed activity as the deadline for eligibility to the dinner approaches.

The criteria specify that only the top 220 average holders from April 23 to May 12 will qualify, likely inciting increased trading and movement of funds among holders.

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The recent uptick in interest for memecoins like TRUMP comes amid a broader bullish trend in the cryptocurrency market, marked by Bitcoin’s resurgence.

Bitcoin’s dominance remains robust, reminiscent of the early months of 2021 when the market began transitioning towards smaller-cap assets, often labeled as “altcoin season.” However, the current market dynamics suggest a different trajectory, with Bitcoin retaining its dominance.

Options markets demonstrate considerable confidence in Bitcoin’s stability, especially with a notable volume increase surrounding a $100,000 strike option set to expire on May 30.

Current forecasts indicate a 37% chance that Bitcoin will be trading above $100,000 by the end of May, a promising perspective given its recent trading levels around $74,000.

Currently, the memecoin is trading at $14.29, reflecting a 1.1% decrease within the past 24 hours.

Featured image sourced from DALL-E, chart provided by TradingView.com.