As of Monday, the price of the TRUMP memecoin has dropped to $2.80, a decline of over 33% since a peak of $4.35 following the announcement of an exclusive luncheon at Donald Trump's Mar-a-Lago residence. This event, scheduled for April 25, is set to welcome the top 297 holders of the token, with a private reception for the leading 29 holders.
Recent activity among crypto whales indicates significant interest in acquiring more of the TRUMP token. One whale recently withdrew approximately 105,754 TRUMP from Binance, adding to their existing 1.13 million tokens valued at around $3.2 million. Another whale pulled out 850,488 TRUMP from Bybit two days prior. Additional withdrawals have been reported from BitMart and Bybit, with one holder now possessing over 368,000 tokens and another exceeding one million.
The concentration of holdings is notable, with over 91% of the TRUMP supply controlled by the top ten wallets, and more than 97% in the top one hundred. Critics, including Democratic lawmakers, have expressed concerns regarding Trump's potential personal financial gains through this memecoin initiative, prompting legislative proposals to restrict political influence in the cryptocurrency space.