President Trump’s official Solana-based meme coin—TRUMP—has surged in price by about 35% in the last 24 hours following an announcement that top holders will gain access to a new exclusive event featuring the president.
The token is now changing hands around $3.75, a 40% jump off its recent low mark of $2.73 registered by CoinGecko on Thursday.
News of the exclusive event, slated to be held at the president’s Mar-a-Lago estate in Florida, has also helped spur significant volume increases for the token over the last 24 hours.
Volumes registered by CoinGecko point to a more than 4x increase from Wednesday to Thursday with trading numbers breaching $292 million on the day of the announcement, compared to just $72 million worth of trades the day before.
On a rolling basis over the last 24 hours, however, CoinGecko recently showed $1.78 billion worth of trading volume. And on its significant price spike, some traders have seen major gains in the last 24 hours.
A Solana address with no significant on-chain activity in the last five months was flagged by on-chain analytics firm Arkham Intelligence after it was sent 2.2 million TRUMP tokens, valued around over $8 million at present time.
It’s not immediately clear if the tokens were recently purchased by the user, whose funds were transferred from a wallet labeled as “Binance Hot Wallet.” Regardless, the tokens have gained about $2 million in value during the last day of trading.
The Solana address, ending in “DLN2A,” also had significant transaction volumes with the official meme coin of First Lady Melania Trump (MELANIA), according to data from Solana block explorer Solscan.
The meme coin for the president’s wife has jumped more than 12% in the last 24 hours, but has fared even worse than TRUMP over the long run. It recently changed hands around $0.125, down 99% from its all-time high of $13.05.
Trump’s next meme coin event will welcome the top 297 registered holders of his TRUMP meme coin to a special luncheon, where the president will be a keynote speaker. The top 29 holders will also earn special VIP access, a feat that required holding around $4.8 million worth of TRUMP tokens when the Trump Meme team held its first exclusive event last May.
That dinner drew intense scrutiny from democratic lawmakers over the potential for foreign actors to buy access to the American president, with Senator Elizabeth Warren calling it an “orgy of corruption.”
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