Official Trump ($TRUMP) has surged by 46.5% in the past 24 hours after the President’s team announced that they will be hosting a gala dinner for the top 220 holders of the meme coin.
Details about the event have been published on the GetTrumpMemes.com website. The dinner will be held at his exclusive members-only club in Washington D.C.
Meanwhile, the top 25 holders will have the chance to attend an exclusive reception before dinner and will receive a special tour of the White House.
A snapshot of top holders will be taken on May 12 to determine which 220 wallets will be invited to the event. However, there is a catch. These holdings will be weighted based on the amount of time during which the tokens have been held.
TRUMP’s First Tranche of Vested Tokens Will Be Freed This Month
Long-term holders will be granted a higher weight for their commitment to be loyal to the President’s meme coin.
Certain restrictions apply to prospective invitees. They must go through a background check and they cannot be on a KYC watchlist.
This is the latest attempt from Trump’s team to keep the price of the meme coin afloat after its post-inauguration-day collapse.
Despite booking a 68.3% weekly gain, TRUMP is still trading nearly 83% below its all-time high of $75.35 per token.
The meme coin’s vesting schedule indicates that the first 36 million TRUMP tokens to be added to its circulating supply should be unlocked this month. This would raise the circulating supply to 236 million coins.
The timing of this event may have been carefully orchestrated to cushion the negative impact that this supply increase would have on the price of the token.
TRUMP Rejects Move Above $16 – Will the Uptrend Reverse Its Course?
Trading volumes for TRUMP have skyrocketed by 472% in the past 24 hours as investors have rushed to acquire the token to make it to the list of 220 lucky individuals who will get to meet the President of the United States.
Similar to most cryptocurrencies today, TRUMP has climbed above its 21-day exponential moving average (EMA) as the market welcomed the White House’s latest comments on tariffs.
Several Trump aides have said that they are ready to negotiate with China to reduce levies as the current situation is not sustainable.
Moreover, Trump himself emphasized that he does not plan to oust the Chairman of the Federal Reserve, Jerome Powell, after he blasted the head of the central bank a few days ago by calling him a “major lower” for refusing to lower rates.
Looking at the daily chart, TRUMP found strong support at around $7 per coin and bounced strongly off that area. At some point during today’s session, the price more than doubled from that all-time low as it reached $16.
This was the session’s peak and seems to be the most relevant psychological resistance to overcome in the following days, as the selling pressure was quite strong at that level.
TRUMP’s volume profile shows that the range between $15 and $19 is the most heavily contested zone, as the one that has seen the highest trading volumes since the token was launched.
A rejection of a move above the $16 level will likely result in near-term weakness for TRUMP and could push it to its nearest support – the 21-day EMA.
Momentum indicators are heavily stretched at this point as the Relative Strength Index (RSI) has reached overbought levels already, while the MACD’s histogram has been rising for six consecutive days.
As TRUMP drives higher transaction volumes to Solana, the need for a layer-two scaling protocol like Solaxy (SOLX) becomes more evident than ever.
Solaxy (SOLX) Raises Millions to Fix Solana’s Congestion Issues
Back in January, when TRUMP and MELANIA were launched, Solana struggled to keep up and delivered errors and caused delays to both users and exchanges.
Solaxy solves this issue by alleviating the mainnet’s burden during peak usage times by bundling transactions offline in a side chain.
The developing team has already launched the Solaxy testnet and has made available an explorer for prospective investors to see the project’s satisfactory results.
Once the Solaxy mainnet is launched, demand for $SOLX will rise as both exchanges and wallets will embrace it to offer users lower fees and faster transaction execution speeds.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap SOL, USDT, or ETH, or use a bank card to make your investment.
