The buzz surrounding TRUMP, a memecoin associated with U.S. President Donald Trump, continues to build as it has risen approximately 16% in the previous 24 hours. This rising pattern in the TRUMP token continues undeterred, despite Democratic lawmakers citing potential grounds for impeachment relating to the president’s involvement with the token. Additionally, an enormous unlock was initiated earlier this month, contributing significantly to its circulating supply.
A Political Dinner Mining Controversy
During a town hall meeting on a recent Friday, Senator Jon Ossoff (D-Ga.) raised concerns about the crypto project. In a unique move, the initiative offered its main holders an opportunity to dine with President Trump. Ossoff was highly critical of this move, labeling it as selling access to the presidency outright. The sitting president receiving what effectively amounts to direct payments sets a dangerous precedent, argued Ossoff. Such an action, he stated, could potentially be grounds for impeachment, given the severity of such an offense.
Other politicians are joining the call for investigation as well. U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) submitted a formal letter on April 25 to the U.S. Office of Government Ethics. In this letter, they called for a comprehensive investigation to ascertain if President Trump has breached federal ethics rules by extending invitations to principal investors.
Private Dinner Triggers Ethics Investigation
The contentious allegations emerged following the announcement of a private dinner slated for May 22. This dinner is intended for the top 220 TRUMP memecoin holders, providing them with an opportunity to meet with the U.S. President in person. Since the announcement of this event, the TRUMP token witnessed a surge of over 70%. Across a span of seven days, the memecoin has risen by an astounding 85%.
Of note is that the rise of the TRUMP token happened in spite of it undergoing a massive $320 million unlock earlier this month. This massive unlock contributed significantly to the inflation of its circulating supply. In less than three months, the TRUMP token is slated to experience an extra unlock of 25.1% of its existing circulating supply. This additional unlock, at the time of writing, is estimated to be close to $780 million.
Price Volatility Challenges
However, even with its recent gains, the TRUMP token is still trading well below its All-Time High (ATH) of over $70, which was reached soon after its launch. The price of the token subsequently dipped, leading to investor losses estimated to be around $2 billion.
In summary, the TRUMP memecoin’s involvement with the U.S. presidency has attracted both support and criticism. An ongoing dispute in political circles coupled with significant price volatility presents challenges. However, the token’s performance continues to intrigue crypto enthusiasts.
