Chiara Bianchi
A promise of VIP access to Donald Trump has set the crypto world ablaze. According to blockchain analytics firm Kaiko, a recent announcement from the team behind the TRUMP memecoin triggered a dramatic spike in trading volumes and onchain activity.
On April 23, the memecoin’s creators revealed that the top 220 holders of the TRUMP token would be invited to an exclusive dinner, with the top 25 wallets granted a personal meet-and-greet with the former U.S. president. This teaser sent shockwaves through the market, resulting in a staggering $2.4 billion in onchain transfers and a 200% spike in activity on the same day.
TRUMP Token Price Skyrockets Amid Hype
The announcement also led to a dramatic 60% increase in the TRUMP token’s price, which soared from $9 to $14.50 in a single day. Kaiko described it as the busiest trading session for the token throughout April and the highest daily volume on centralized exchanges since mid-February.
Controversy Follows Promise of Presidential Access
While the strategy has undeniably driven attention to the token, it hasn’t been without criticism. Ethics experts and political opponents have voiced concerns about the blurring of financial incentives and political access, especially since the rewards are tied to purchasing a speculative digital asset.
Justin Sun May Be Involved
Further speculation emerged when Arkham Intelligence reported that a user labeled “Sun” had registered for the upcoming event. This raised eyebrows within the crypto community, as many suspect a connection to Tron founder Justin Sun. Sun is a known Trump supporter and revealed in late 2023 that Tron had invested $30 million in a Trump-affiliated DeFi initiative, World Liberty Financial, where he now serves as an advisor.
Profit Potential Draws More Attention
Adding fuel to the fire, The Wall Street Journal recently cited Chainalysis, stating that the memecoin has generated hundreds of millions of dollars in crypto profits for entities linked to Trump.
Although the initial trading euphoria has cooled slightly, Kaiko predicts that another wave of activity is imminent.
“Volumes have dipped since the hype began to fade,” the firm noted, “but given the rules of the competition, we anticipate a resurgence in the coming weeks as participants move funds back onchain to secure their eligibility.”
