Trump's Memecoin Drops 24% in One Week Despite Rumors About Gala

The official memecoin TRUMP—related to U.S. President Donald Trump—has experienced a major shock, falling 23.72% over the past 7 days and trading at $10.48, even as Trump plans to host a formal dinner for the holders of this coin on May 22. Launched in January, the TRUMP token has been promoted as a digital symbol for Trump supporters. Although it achieved a 17.95% increase over the past month, the recent downturn has wiped out much of that gain. This coin also fell by 4.39% in the last 24 hours.

Despite the price fall, interest in this token remains strong. Its 24-hour trading volume increased by nearly 70% to $844.5 million, and the total market capitalization is $2.09 billion. The upcoming dinner party has added fuel to the debate over Trump's involvement in cryptocurrency. Critics argue that linking exclusive direct access to holding memecoin blurs the lines between personal branding and political influence. Even cryptocurrency-supporting Senator Cynthia Lummis expressed concerns. "A president offering exclusive access tied to a token makes me stop," she said, calling for further clarification on how events like this align with ethical standards and regulations. While the party may be aimed at boosting the loyalty of supporters, the falling token price suggests that investor confidence may be fluctuating, at least in the short term. Whether the May 22 dinner will revive the price of the currency or deepen the controversy remains to be seen.