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TRUMP Coin, launched under the name of U.S. President Donald Trump, has garnered significant attention from cryptocurrency investors following the announcement of an exclusive event. This resurgence comes after a sharp decline in the coin’s value, reigniting investor interest. The planned dinner invitation at a golf club in Virginia has caused a rapid price increase.
Exclusive Dinner Sends Prices Soaring
The official website of TRUMP Coin announced that the top 220 investors would be invited to a special dinner on May 22. This event is to be held at a luxury golf club in Virginia. Additional privileges, such as a reception and a White House tour, will be offered to the top 25 investors.
Following the event’s announcement, TRUMP Coin experienced a sharp spike in price, with increases reaching up to 58%. The 24-hour trading volume skyrocketed, leading to sudden market activity. Investors who hold the coin between April 23 and May 12 will gain ranking advantages.
However, the event’s impact was not the sole factor in the price rise. The team behind the coin indicated that transaction fees generated from reserves linked to business partners associated with the Trump family also serve as a revenue source. This revelation has further piqued curiosity about the project.
Political Backlash and Legal Uncertainties
Nevertheless, this movement has opened the door to political discussions. Some politicians and ethical watchdogs have labeled the event as “the commercialization of political influence.” Central to the criticisms is the notion of a U.S. president promoting investors for personal gain.
Democratic Senator Chris Murphy explicitly described the event as a clear instance of corruption. In a social media post, he stated, “This is one of the most blatant examples of corruption involving a president.” Criticism did not stop there.
One social media user, DDay, offered a harsher commentary: “This practice cannot be deemed under presidential authority. Legal proceedings may be imminent.” These remarks have brought to light the potential legal ramifications of the organization.
Despite all this controversy, the coin began trading at around $12.50. The growing interest from investors has raised the possibility of the coin climbing back to its previous highs. Some entrepreneurs in the sector have also seized upon this interest by launching similar projects, including a new meme coin named World Liberty Financial (WLFI).
