tl;dr
The recent TRUMP dinner, attended by 220 top TRUMP holders and investors, did not lead to a significant increase in the TRUMP meme coin’s price. Many investors sold their holdings opportunistically, with 92 attendees selling all their tokens before the event, causing the circulating supply to drop f...
The recent TRUMP dinner, attended by 220 top holders and investors, failed to boost the TRUMP meme coin’s price as many participants acted opportunistically, triggering a significant sell-off. Half of the attendees held no TRUMP tokens, causing the circulating supply to drop sharply from 11.3 million to 7 million.
Despite the event’s hype, TRUMP’s price showed minimal movement post-event, struggling to break resistance levels and remaining stuck in a consolidation range between $14.53 and $15.62. Investors should note that a drop below the $13.36 support level could invalidate the bullish outlook and signal a potential longer-term downtrend.
Conversely, the event sparked an extraordinary surge in a newly created meme coin, Trump Dinner (DINNER). Launched just two days before the dinner, DINNER skyrocketed an astonishing 2,312% in 24 hours, boosting its market cap to $48 million. While this rapid gain demonstrates strong speculative interest, the token is expected to experience volatility and a possible price correction soon due to its speculative nature.
The TRUMP dinner highlighted a broader trend of opportunistic investor behavior, where the main attraction was the social and political gathering rather than genuine interest in the token’s value. This mindset contributed to the quick decline in TRUMP’s circulating supply and stagnant price action despite significant attention.
In summary, while the TRUMP dinner succeeded in creating buzz and launching a thriving new token (DINNER), it failed to deliver sustained price growth for the TRUMP coin itself. Investors should watch the $13.36 support closely and prepare for potential volatility in both tokens moving forward.