TRUMP Token Rallies Nearly 50% On Mar-A-Lago Gala Invite For Top Holders But The President May Not Attend

(MENAFN- AsiaNet News)

• The Gala Luncheon is scheduled for April 25 and slated to include President Donald Trump, along with 18 other“superstars.”
• According to a Politico report, a White House official said the Official Trump coin luncheon is not yet on the President's schedule.
• Despite the uptick, retail chatter on Stocktwits indicated that holders were still sitting on losses after buying the token at a higher price.

The Official Trump (TRUMP) token soared nearly 50% on Friday morning after news that top token holders of the memecoin may be invited to a Mar-a-Lago luncheon with President Donald Trump.

In a post on X, the team behind TRUMP coin posted that a“gala luncheon” with President Trump and 18 other“superstars” is planned for April 25, but did not specify who those people would be. The event is limited to 297 attendees.

Source: @GetTrumpMemes/X

Trump Token Rallies After Gala Announcement

TRUMP's price jumped nearly 50% in the last 24 hours to around $4.26, but still remains nearly 95% below its record high of $73.43 seen last year at the time of Trump's inauguration. On Stocktwits, retail sentiment around the memecoin improved to 'neutral' from 'bearish' territory over the past day, and chatter rose to 'extremely high' from 'high' levels.

TRUMP retail sentiment and message volume on March 13 as of 7:05 a.m. ET | Source: Stocktwits

While the uptick in the Trump token's price was notable, many users reported buying it at a higher price and were yet to break even.

One user forecast that TRUMP coin's price would rally to $10 after it crossed $4. 

Will Trump Be At The TRUMP Coin Gala?

According to a report by Politico, he might be busy. A White House official reportedly said the event isn't yet on the President's schedule and might clash with the White House Correspondents' Association dinner, scheduled for the same day.

This is the second iteration of the TRUMP token gala, which first took place at a Trump golf club in May. Many criticized the event and accused Trump of using his position for personal financial gain.

Among the guests last year were crypto executives from South Korea, Taiwan, and China, including Tron (TRX) founder Justin Sun, who reportedly purchased over $40 million worth of Trump tokens to lead the event leaderboard. Others included executives from Hyperithm, Kronos Research, and Delphi Digital. 

The overall cryptocurrency market rose 2.4% in the last 24 hours to cross $2.5 trillion, while Bitcoin (BTC) rallied 2.8% to cross $72,000. The leading meme token Dogecoin (DOGE) was up 5.5%. On Stocktwits, retail sentiment around the apex cryptocurrency remained in 'neutral' territory over the past day, while retail sentiment around DOGE's token trended in 'bearish' territory.

Read also: Solana, Dogecoin Outperform Bitcoin's Rally To $71,000 Ahead Of PCE Inflation Data

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