The Trump Coin price has surged in the past few weeks as meme coins have risen and investors await the upcoming presidential dinner and exclusive tour. On Wednesday, the TRUMP price was $13.70, up 90% from its lowest level in April. This brought its market cap to $2.7 billion, making it the fourth-biggest meme coin.
Trump Coin Price in Focus Ahead of Dinner
The Trump Coin price will be in the spotlight in the next few days as investors watch for the inaugural presidential dinner with President Donald Trump.
This dinner will be highly controversial for the 220 biggest holders. Data indicate that Justin Sun, the founder of Tron, is the biggest holder of the Trump token, with 1.432 million coins valued at almost $20 million. He is followed by other anonymous users, many of whom are foreigners.
The Trump token price surged as investors vied to attend dinner with one of the world’s most powerful people.
However, there is a risk that the coin will crash after the meeting, as some of these holders sell to take profits. This situation is known as ‘buying the rumor and selling the news’ and is very common in the market.
Data indicate that some people attending the dinner have begun selling their tokens. For example, CASE, the third invitee, holds just 400,000 TRUMP coins valued at $5.2 million, down from the time-weighted holdings.
Similarly, Ivo, ranked ninth, now holds 102,088 coins, down from a time-weighted amount of 238,457.
Therefore, fundamentally, the Trump Coin price is likely to crash after the May 22 event. This drop will continue what started on April 24.
TRUMP Meme Coin Price Analysis
The daily chart shows that the TRUMP coin price peaked at $16.43 in April as the dinner hype rose. It has now dropped and moved to $13.7, slightly above the 50-day Exponential Moving Average (EMA).
The token also formed a symmetrical triangle pattern, as shown in green. This triangle points to big moves ahead since its two lines are about to converge.
The most likely scenario is that it will rise to $16.43 ahead of or during the dinner, then resume its downtrend as investors sell the news. If this occurs, the token may drop to $10 in the coming days or weeks.
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