Trump memecoin dinner prize spurs $2.4B surge in onchain transfers
Trump’s memecoin dinner prize spurred $2.4B in transfers
The announcement of a VIP dinner prize for top holders of President Donald Trump's official memecoin has triggered a significant surge in trading activity, according to a new report by blockchain analytics firm Kaiko.
On April 23, the memecoin team revealed plans to host an exclusive dinner for the top 220 token holders, with a personal meet-and-greet reserved for the top 25, reports The Block.
The news immediately fueled market enthusiasm, pushing the price of the TRUMP token up by 60%, from $9 to $14.50. Kaiko noted that the announcement generated $2.4 billion worth of onchain transfers and a 200% increase in onchain activity, marking the token’s busiest trading day since mid-February. Centralized exchange volumes also saw a sharp spike during the frenzy.
Political and ethical scrutiny
While the campaign has amplified trading activity and memecoin visibility, it has not been without controversy. Critics, including political opponents and ethics watchdogs, argue that offering exclusive presidential access in exchange for token holdings raises serious concerns. Meanwhile, speculation grew after blockchain sleuths observed that a participant linked to Tron founder Justin Sun registered for the event. Sun has previously shown public support for Trump and has financial ties to Trump-associated crypto projects.
Outlook for future activity
Although trading volumes cooled following the initial announcement, Kaiko analysts expect a resurgence of activity as the competition’s deadline approaches. Many participants are anticipated to move funds onchain again to qualify for the exclusive dinner event.
The broader implications of political figures embracing blockchain technology, especially through controversial methods like memecoins, continue to spark debate across financial and political communities.
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