- The anticipated May 22 Gala event, with possible remarks from former President Trump, has fueled speculation about another potential rally for the TRUMP coin.
- TRUMP coin’s performance may also be influenced by macroeconomic factors, including upcoming Federal Reserve announcements about interest rates and economic policy.
The price of Trump Coin (TRUMP), a meme coin inspired from the U.S. President Donald Trump, remains highly volatile. This comes as the political scrutiny surrounding the security of a highly anticipated event continues to increase. The token is currently trading near $11 and has found support here right above its 50-day moving average of about $10.50 after several wild swings in recent weeks.
Trump Coin Price Prediction Today
TRUMP has experienced a dramatic price rally from monthly lows, exceeding $16 during late April. The news was largely driven by an announcement that the top 220 holders of the coin will receive invitations to a Gala dinner supposedly to be held at White House. The development caused enormous buying interest with the token duplicating in worth in a short space of time.
Source: TradingView
The Gala invitation, however, has sparked a political firestorm. Criticizing the move, Democratic Senator Jon Ossoff said that offering access to the President in exchange for holding a cryptocurrency may amount to monetizing political influence. A long-term critic of the cryptocurrency, Senator Elizabeth Warren also spoke out not only about TRUMP coin but the stablecoin initiative linked to the Trump family too. She slammed the proposed USD1 stablecoin will be minted and distributed via the DeFi platform, World Liberty Financial.
TRUMP was pulled back from its brief rally above $16 on recent price declines spurred by this mounting criticism. Now investors seem reluctant, now that the market assesses the wider ramifications of the token’s close political links.
Things are complicated even further by macroeconomic factors. Soon, the meme coin TRUMP may be impacted by the broader crypto market because U.S. Federal Reserve would make announcements about interest rates and economic outlook during its upcoming Federal Open Market Committee (FOMC) meeting.
All Eyes On Gala Dinner
Now the attention is on May 22, the Gala’s expected date. Speculation is intense as to the type of event. Of course, there is the possibility of former President Trump making public remarks, possibly related to policy or digital assets to come. Such a scenario would also give rise to TRUMP coin’s another rally, this time on the grounds of being a new clear way to gaining political power, as highlighted in the previous story.
However, uncertainty remains. Trump may not attend the event, and persuade attendees to come away with a commemorative NFT, according to reports. An outcome like this could miss market expectations and lead to a price correction, suggesting the usual ‘sell the news’ effect.
There is further reason to worry for investors, as a scheduled token unlock will release 800 million TRUMP tokens to circulation. Conversely, this supply increase may put downward pressure on price if demand decreases or the market is weak more generally.
