- The TRUMP token rose by more than 58% after announcing the planned dinner for the first 220 holders of the token.
- The overall standings show that HTX has the biggest TRUMP wallet, totaling $14.6 million.
- The token price rose by over 58% on April 23, touching a session high of $14.70 before pulling back.
A wallet that allegedly belongs to the crypto exchange HTX has been identified as the largest holder of the $TRUMP meme coin as Donald Trump prepares to host a dinner. Arkham Intelligence revealed that the cold wallet owns 14.6million of the tokens, which makes it the largest participant in the event scheduled to occur on May 22.
This dinner will bring together the top 220 TRUMP token holders and take place at Trump National Golf Club in Washington, D.C. Even more, the first 25 participants who go through it and produce a wallet will be eligible to meet the president, and be given a tour of the White House the following day.
The event has caused an increased interest in TRUMP token trading, where the price rose by over 58% on April 23, touching a session high of $14.70 before pulling back. The trading volume within a single trading day increased by more than 500% to reach $5.04 billion, as shown by data from CoinMarketCap.
Leaderboard Race Ignites Buying Pressure
Market rankings depend on total cumulative balances in investors’ wallets between April 23 and May 12, which renders an uninterrupted accumulation period. By Wednesday, there were 180 wallets, and the biggest one owns 400,000 tokens that, in terms of the current price, are equal to $5.2 million.
The strategic direction of the event might be undertaken to create demand pressure. “The more $TRUMP you hold — and the longer you hold it — the higher your ranking will be,” the site states. This ensures that the ranking period does not experience short-term selling by large holders while also benefitting them in the long run.
The total market capitalization of the coin is currently at $2.6 billion, making it one of the forty largest coins available. Analysts note that the incident has actually elevated the existence of this coin from what could be viewed as a fad to that of an influential digital currency.
Trump’s Crypto Venture Draws Mixed Reactions
The TRUMP token was created shortly before Trump’s inauguration in January of this year, and the first reports linked it to the Trump Organization. As per the reports disclosed in the project, the majority of tokens belong to CIC Digital and Fight Fight Fight LLC, owned by the president’s family. During the coin’s launch phase, transaction fee revenues reached more than $100 million.
However, financial specialists and insiders in the crypto market have raised some concerns on social networking sites. Some industry personnel also accused the event of being a mere publicity stunt because the coin had been on a roller coaster, ranging from $6 to $75 before plummeting down.
Despite all those reasons for doubt, the current rally presents the strongest uptrend after March, with investors’ interest and expectations for the gala contributing. In its statement, the Organizers have disclosed a 90-day halt in the unlocking of tokens that will suspend insider sales that may destabilize the market.
