🔥 Gate Post Ambassador Exclusive Posting Reward Task Round 4 Is Live!
Not yet a Gate Post Ambassador? Apply now 👉 https://www.gate.com/questionnaire/4937
Join the Ambassador Task and post daily from June 9 to June 15, get your posts rated, and share a $300 prize pool based on your ratings!
🎁 Reward Details:
S-Level Weekly Ranking Reward
Post every day for 7 days with an overall quality score above 90 to qualify for S-Level.
2 outstanding ambassadors will each receive a $50 trading fee rebate voucher.
A/B-Level Tiered Rewards
Based on the number of posts and their quality, ambassadors will
Trump Memecoin Dump Follows Gala Hype
Key Notes
The latest market data shows a sharp decline in Official Trump
TRUMP $12.85
24h volatility: 0.3%
Market cap: $2.57 B
Vol. 24h: $951.17 M
token prices. This twist comes shortly after the much-hyped crypto dinner that U.S. President Donald Trump hosted. Market observers are now showing concerns about potential market manipulation.
TRUMP Holders Exit Positions Before Gala Begins
According to reports, the highly publicized Trump crypto gala occurred on May 22. Following the dinner announcement, the TRUMP token rose by 30%. The event was attended by the top 220 holders of TRUMP, a meme coin that has attracted global attention in recent months.
It is worth noting that the dinner was planned to bring top token holders together and celebrate the asset’s progress. Reports show that the event had international appeal, with 72% of attendees coming from outside the United States.
According to reports, guests held around $394 million worth of the TRUMP token before the event. The top 25 wallets had VIP access, which included a private session with President Trump before the dinner.
However, things started to go south even before guests arrived. For context, market figures showed signs of a selloff early on. Despite the exclusive invitation, blockchain data shows that 92,220 eligible wallets sold off their entire holdings before the dinner. The sudden move triggered a 14.84% price drop, bringing the token down to $13.36.
Following the event, the number of tokens held by the largest wallets dropped from 11.3 million to just 7 million. Many saw this drop as a strategic sell-off by insiders who exploited the gala’s hype.
It is worth noting that public reaction to the event shows just how unpredictable meme coins can be. It reveals how much they rely on celebrity publicity. For instance, Binance founder Changpeng “CZ” Zhao recently triggered a fresh meme coin hype on X after asking a simple question about dogs.
Interestingly, that one post led to creation of an entirely new meme coin project. This indicates that much of the meme coin space runs on hype rather than solid foundations.
Political Backlash Overshadow the Trump Coin Gala
It is worth mentioning that apart from the financial impact, the TRUMP token dinner drew heavy criticism from lawmakers and protesters. Outside the event, demonstrators accused the president of using digital assets for questionable political dealings with some members of the United States Congress, reiterating their concerns.
Senator Chris Murphy openly criticized the event, calling it a corrupt setup. He pointed out that offering access to the president in exchange for crypto investment created a dangerous link between politics and financial speculation. Murphy demanded that the full guest list be made public if the dinner was legitimate.
Based on market sentiment, the Official Trump coin, like many other meme coins, usually rises and falls based on hype. Many of these coins do not have strong use cases, so their value often changes with public mood or big events. This makes them risky for most investors according to critics.
This reveals the intention behind Democratic lawmaker Sam Liccardo’s introduction of a bill to ban government officials from launching memecoins. This proposal was introduced after President Trump and the First Lady released their memecoins earlier this year.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.