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The value of the TRUMP token experienced a significant decline following the finalization of the invitation list for a special crypto dinner event hosted by Donald Trump. Recent data suggests the primary reason for this drop is the mass selling by investors, which occurred after the dinner date, set for May 12, was announced. From a weekly high of $15, the token price tumbled to $12.33.
TRUMP Coin Decline
According to disclosed data, this sudden price drop is attributed more to the selling trend of key investors than to ordinary market fluctuations. Cryptocurrency analyst Few observed that on-chain movements indicated numerous asset holders were selling their tokens, with this selling momentum accelerating after the deadline for dinner participation ended.
“People closed all $Trump hedges and sold some of their tokens because the participation period ended.” — Few
The top 220 TRUMP token investors were invited to the exclusive dinner scheduled for May 12. Right before this date, some investors reportedly took short positions on the token, betting on its price decline.
An analysis of on-chain transactions reveals that funding rates turned negative. In essence, the decline is linked to the reversal of demand triggered by the dinner event.
Dinner with Donald Trump
As the event, set for May 22, nears, concerns have arisen about a potential further decline in token value. Analyst Few commented that despite all short positions, the token price would stabilize at a certain level, though the token requires new functionalities to maintain its value.
Even though interest in the event has risen, it has also faced numerous criticisms. Particularly, the intertwining of politics and personal interests has been criticized, and the fact that some top token holders are not U.S. citizens has sparked discussions on potential external influences.
The involvement of foreign investors, such as TRON’s founder Justin Sun, in the dinner highlights the event’s international dimension. The presence of many top-ranking foreign participants provides a substantial discussion topic for the Democrats. Although bipartisan support for GENIUS in the committee was promising, last week’s vote saw Democrats withdraw their support, emphasizing Trump’s personal interests in the crypto business.
The sharp recent decline in TRUMP token prices is associated with the establishment of event participation criteria and declining investor expectations post-event. Analysts suggest that potential new features or developments may impact the price. While high participation at the dinner keeps interest in the token alive, the national origins of attendees continue to be a topic of debate. Investors are advised to remain cautious of volatility and speculative movements in token prices.
