The crypto space has been set ablaze with a surprising catalyst of “Dinner with Trump” which has brought back interest in the official TRUMP meme coin with its price soaring over 60% after the announcement. Not only that, the onchain activity around TRUMP meme coin has also seen a spike of 200% within days.
According to a recent report by Kaiko, the astonishing price surge in TRUMP price was accompanied by a staggering 200% spike in on-chain activity, which underscores the frenzy among investors who are eager to secure a seat at the dinner table.
The dinner announcement revealed that the top 220 investors in the TRUMP meme coin would be invited to a private dinner with President Trump, complete with a tour of the White House. The news spread like wildfire across social media with it triggering a rush among investors to accumulate enough TRUMP tokens to qualify.
The immediate result was a 60% price jump, reflecting the intense demand for the memecoin tied to this unprecedented offer of access to the White House.
Kaiko’s analysis highlights the significant on-chain activity, which increased by twofold, saw huge transaction volume as investors scrambled to position themselves.
“The majority of the volume was driven by smaller token holders,” Kaiko’s report notes, adding, “Wallets holding less than $100,000 worth of TRUMP tokens dominated activity on Wednesday. Larger wallets maintain more consistent activity, with high volumes continuing through Thursday, probably because among them are OTC desks, exchanges, and market maker wallets that need to settle structural operations related to the momentum-driven activity.”
The Trump Dinner Effect has sparked debate within the crypto community about the ethics and implications of such promotional tactics.
On the topic, various critics are arguing that offering White House access in exchange for investment raises questions about the intersection of politics and financial markets, while supporters see it as a savvy marketing move in the Wild West of cryptocurrency.
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