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President Trump organized an exclusive dinner for controversial Memecoin Trump token holders, the event drew a lot of attention. After launching earlier this year, Trump’s price surged, from less than $10 to over $70 in a day.
But then things changed, as the token’s value dropped to $7 Crypto Market Sold as a whole. However, the president’s announcement restored interest in tokens, which led to a sudden reflection of this trend decline.
Exclusive dinner plan to ignite Trump token event
During the weekend, Trump saw an impressive 80% uptrend, about $16. This recovery is accompanied by a significant increase in on-chain transactions, such as Report Through the market analysis company Kaiko.
On April 23, the team behind Trump Memecoin revealed plans to cater to the exclusive dinner for the top 220 holders. It is worth noting that the top 25 holders will have a unique opportunity to meet President Trump himself.
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The news sparked a series of activities, with nearly 10,000 wallets transferring Trump tokens on the day alone, an increase of 200% from the previous day.
this Trading volume It soared to about $2.3 billion, marking it the busiest day of the month. Interestingly, most of the volume comes from smaller holders, with less than $100,000 in its wallet driving the campaign.
The shift was particularly noticeable as a small number of Trump’s wallets surged from the usual 46% to 75% after the dinner announcement. It is worth noting that transactions under $1,000 account for 47.2% of active wallets, indicating a large influx of smaller investors.
37% chance Bitcoin will hit $100,000 by the end of the month
The enthusiasm surrounding Trump is not limited to chain activities. Token records its highest daily transaction volume Concentrated communication (CEXS) Since mid-February, other major members (such as Dogecoin (Doge)).
In fact, last Wednesday, the president’s official cryptocurrency accounted for nearly 50% of all Memecoin transactions in centralized exchanges.
According to the report, while initial excitement has gradually diminished, it is possible to qualify for the dinner deadline.
The rule states that between April 23 and May 12, only the top 220 average holders will be eligible, which may exacerbate the increase and migration of funds between holders.
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Recently, a surge in interest in memes like Trump has occurred in a wider bull market in the cryptocurrency market, characterized by Bitcoin’s Revival.
Bitcoin’s advantage remains high, reminiscent of the market’s shift to smaller stocks in the first half of 2021, often referred to as the “alternative token season.” However, the current market landscape shows a different trajectory, and Bitcoin maintains its stronghold.
Options market shows confidence in Bitcoin’s stability, especially with a significant sales increase around $100,000 Strike Options Expired on May 30.
Current estimates suggest that by the end of May, Bitcoin will have a 37% chance of trading above $100,000, which is a promising prospect given its recent trading levels are close to $74,000.
As of now, Memecoin is trading at $14.29, recycling 1.1% in 24-hour time.
Featured images from dall-e, charts from tradingview.com
