Key Takeaways
- TRUMP token value dropped over 7% after a high-profile dinner hosted by Donald Trump.
- 92 of 220 eligible wallets liquidated their TRUMP holdings earlier than the occasion.
- Senator Chris Murphy referred to as the dinner ‘corrupt’ and demanded transparency on attendees.
President Donald Trump’s high-profile dinner on Might 22 for high holders of the TRUMP memecoin resulted in backlash and a big token sell-off.
Held for the highest 220 TRUMP token holders—with VIP entry granted to the highest 25—the gala featured a luxurious meal and appearances by main figures within the digital asset area.
Notable attendees
Among the many friends was TRON founder Justin Solar, who held $19 million price of TRUMP earlier than the occasion.
Others included Vincent Liu of Kronos Analysis, Synthetix’s Kain Warwick, and former NBA participant Lamar Odom.
The common attendee held $1.79 million in TRUMP, with a median stake of $348,000. Round 72% of friends traveled from exterior the U.S.
Token liquidation & value impression
Regardless of the celebratory environment, blockchain knowledge confirmed that 92 of the 220 eligible wallets had absolutely liquidated their TRUMP positions earlier than the occasion.
Total holdings amongst high individuals dropped from 11.3 million to 7 million tokens.
Following the occasion, TRUMP’s value fell over 7% to $13.70.
Political criticism
The gala additionally drew political criticism.
Senator Chris Murphy labeled the occasion “corrupt” and demanded Trump launch the attendee record.
He mentioned:
Trump’s meme coin is designed to facilitate corruption. You’ll be able to pay Trump secretly, which will get you secret particular entry to the President.