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- Wallet addresses holding at least 1 million TRUMP tokens have hit a five-month high after the team announced a luncheon with the president on April 25.
- The token surged 60% immediately after the event was announced and now trades 26% higher over the past week.
The number of wallet addresses holding over a million TRUMP tokens has skyrocketed in the past few days to hit a five-month high, on-chain data reveals, as holders brace for an event in April headlined by the US president.
According to Santiment, there are now 83 addresses holding at least 1 million tokens for the first time since October 8th. In the past five days, this number has gone up 36%.
Unlike back in October, this time the number of whales has moved inversely with the token’s price. Back then, the whale number hit a new high as the token traded above $11. This time, the memecoin has been on a downtrend, dropping to an all-time low of $2.72 just six days ago, a 95% dip from its record high of $75.2, which it hit the day before Trump was sworn in as President.
The Mar-a-Lago event has revived the memecoin as traders spend millions for the opportunity to meet the president. After it was announced over the weekend, the price surged from a low of $2.75 to $4.40, a 59% surge and its highest level in over a month. It has since lost some of the momentum and trades at $3.67, which is still a 27% rise over the past week.
According to the announcement, only 297 token holders will be invited to the event, which the team called “the most exclusive crypto and business conference in the world.” The president will headline the show, but he has invited other crypto leaders to speak at the event. The most notable is Paolo Ardoino, the CEO of Tether. Some analysts say that Ardoino’s presence could indicate a partnership between Tether and World Liberty Financial, the president’s main crypto company.
Trump’s Crypto Ventures Divide Investors
On-chain analytics reveal that the price rally was pushed by whales who have been accumulating tokens to attend the event. According to Lookonchain, three wallets created last week scooped up 2.54 million tokens worth over $8.8 million, withdrawing them from Binance. Another wallet withdrew $6.9 million; this same wallet lost $15.7 million on MELANIA, the First Lady’s memecoin. MELANIA trades at $0.119, a 99% drop from its all-time high of $12.75.
The whale purchases are expected to continue into April. The top wallets will be incentivized to accumulate the memecoin as the team has promised the top 29 holders a VIP reception from the president.
This is the second event the team has organized for the memecoin’s holders. Last year, TRON founder Justin Sun held the most tokens and was among the invitees. A year later, the SEC has dropped all securities violation charges against him and the TRON Foundation, as we reported. Lawmakers have argued that the crypto venture has become an easy way to buy access to the president and gain legal and business favors.
Analysts expect the memecoin’s price to rise as the event approaches, but dump drastically immediately after the event, following last year’s pattern.
