Despite mounting political pressure and the recent inflation of its circulating supply, TRUMP, the memecoin associated with U.S. President Donald Trump, is continuing its impressive surge in value.
TRUMP rose by 16% in the past 24 hours, extending a remarkable 70% increase since it was announced that top holders of the token would be granted an invitation to a private dinner with President Trump on May 22. This announcement has stirred controversy, with Democratic lawmakers calling for an impeachment investigation over the token’s potential to sell access to the presidency.
During a town hall on Friday, Senator Jon Ossoff (D-Ga.) criticized the arrangement, saying, “When a sitting president is offering exclusive access to himself for what amounts to direct payments, it undeniably constitutes an impeachable offense.”
Further intensifying the political storm, Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) have requested an official inquiry by the U.S. Office of Government Ethics into whether President Trump violated any federal ethics rules by organizing the dinner event for top investors in TRUMP. Their letter, sent on April 25, has sparked widespread debate.
Notwithstanding these allegations, TRUMP has shown continued resilience in the market. The token’s value soared by 85% over the past week, fueled by the buzz surrounding the upcoming dinner event. This surge occurred even after a major unlock earlier this month, which released $320 million worth of TRUMP tokens into circulation, significantly increasing the token’s supply. In the next few months, an additional 25.1% of the current circulating supply—worth an estimated $780 million—will be unlocked.
While TRUMP has enjoyed a substantial rise, it remains significantly below its peak, with its price still down by more than 77% from its all-time high of $70. Despite this, the latest rally indicates that the memecoin may continue to defy the odds, proving its ability to stay relevant amid both market volatility and political scrutiny.
