The recent TRUMP dinner, which witnessed the gathering of the top 220 TRUMP holders and investors, failed to ignite a significant rise in the meme coin’s price.
While expectations were high, the event revealed that many investors were merely opportunistic, using the occasion to engage with high-profile figures. However, it led to a dramatic 2,312% rise in a different meme coin.
TRUMP Dinner Led To Massive Sell-Off
The TRUMP dinner, to which 220 top holders were invited, highlighted how investors often act opportunistically. Of those invited, 92 holders sold all their TRUMP holdings before the event.
According to data analysed by user “dethective” on X, it was found that 1 in 2 event attendees had no TRUMP tokens in their wallets. Following the dinner, the total number of TRUMP tokens in circulation dropped from 11.3 million to 7 million.
The sell-off behavior of TRUMP holders post-dinner reflects a broader trend among opportunistic investors. With the main incentive being the social and political event rather than the token itself, the market sentiment surrounding TRUMP quickly turned bearish. This lack of genuine interest led to a quick decline in the token’s price despite the attention garnered from the dinner.
While the dinner event failed to produce significant movement in the TRUMP meme coin, it triggered an unexpected rise in another token, Trump Dinner (DINNER). Created just two days before the event, DINNER skyrocketed by 2,312%, rising from $0.0000139 to $0.0002186 within 24 hours.
This impressive price surge brought DINNER’s market cap to $48 million, marking it as one of the fastest-rising meme coins in recent memory. But despite the rapid rise, it is uncertain whether DINNER can sustain its gains.
As the excitement around the TRUMP dinner dies down, the token is expected to face a correction. The speculative nature of such tokens typically results in volatile price movements, and DINNER may experience a significant pullback before the weekend ends.
TRUMP Price Needs Stronger Support
TRUMP’s price has seen minimal movement in the last 24 hours. Despite the event, the meme coin rose by just 11% intraday, only to fall back to $14.25, marking a 3.3% decline. This lack of sustained growth reflects investor hesitation and the inability of TRUMP to capitalize on the hype.
For over a month, TRUMP has struggled to secure support at $14.53. This is making it difficult for the coin to breach the $15.62 resistance level. Even if the coin recovers, it is likely to remain in a consolidation range, hovering between $14.53 and $15.62. This price action indicates limited upside potential in the short term.
If TRUMP faces selling pressure, it could drop toward the next support level of $13.36. If it falls below this level, the bullish outlook would be invalidated. A move below $13.36 could trigger further declines, signaling a shift in investor sentiment and a potential longer-term downtrend.
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