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Investors in an erstwhile little-known memecoin may be the biggest winners of President Donald Trump’s reception of top holders of his memecoin.
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TRUMP has recorded significant losses in the wake of the controversial dinner.
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The White House continues to deny that Trump’s actions amount to any wrongdoing.
After weeks of anticipation and protests, President Donald Trump’s dinner with top holders of his Official Trump, or TRUMP, memecoin, has come and gone. Thursday saw Trump wine and dine the top 220 holders of his memecoin and on Friday, he hosted a VIP reception and White House tour for the top 25 holders.
However, the dinner and reception have not only benefited Trump’s memecoin high rollers.
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Investors in Trump Dinner, or DINNER, a memecoin on Base, the Coinbase-incubated (NASDAQ:COIN) Ethereum Layer 2, have seen a massive windfall, at least one paper, from the attention the event has received.
Even though the token is affiliated with the Trump dinner in name only, it soared as much as 16,000% between Thursday and Friday from a market cap of barely $2 million to $325 million.
At last look, the token has yet to lose momentum. It is up over 950% in the past 24 hours and now boasts a $380 million market cap. It remains to be seen how long it will be able to sustain this rally as attention surrounding the event cools.
While the controversial dinner has been a boon for this erstwhile little-known memecoin, it was a “sell the news event” for the Trump memecoin.
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TRUMP Dumps
Between Thursday and Friday, the token fell as much as 14%. One reason for this dump is that the high rollers dumped en masse after securing an audience with Trump.
“The TRUMP dinner was full of jeets,” on-chain sleuth “dethective,” said Friday on X. “Almost 1 in 2 people who attended was holding 0 tokens.”
Specifically, the analyst found that 92 wallets, accounting for about 41% of the dinner invitees, had dumped all their tokens. They sold 4.3 million TRUMP tokens, worth over $54 million at current prices in total.