Key Insights
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TRUMP memecoin trading activity surged after an April 23 announcement offering top holders a VIP dinner and a meet-and-greet with President Donald Trump.
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The move sparked controversy, with political opponents and ethics advocates criticizing the offer of presidential access in exchange for crypto holdings.
WASHINGTON (MarketsXplora) – The official memecoin tied to President Donald Trump witnessed a sharp spike in trading activity this week after its team announced exclusive incentives for top holders, according to a report released by blockchain analytics firm Kaiko.
On April 23, the team behind the TRUMP token revealed plans for a special dinner event, offering the top 220 token holders a chance to attend, with the top 25 granted a meet-and-greet with the sitting U.S. president. The announcement triggered a frenzy of onchain activity, driving $2.4 billion worth of TRUMP token transfers and a 200% surge in overall activity, Kaiko said.
TRUMP’s price reacted swiftly, rising 60% in a single day from $9 to $14.50. Kaiko noted that it was the busiest trading day for the token this month and marked its highest daily trading volume on centralized exchanges since mid-February.
The campaign is part of an effort by Trump’s team to challenge the perception that memecoins lack inherent value. However, the move has drawn sharp criticism from political rivals and ethics advocates, who argue that offering privileged access to a sitting president based on crypto holdings raises serious concerns.
Meanwhile, blockchain intelligence firm Arkham Intelligence reported that an individual using the username “Sun” registered for the upcoming TRUMP memecoin event following the announcement. The activity has sparked speculation that the address could belong to Justin Sun, the founder of the Tron blockchain, who has previously expressed support for Trump.
In November, Sun announced a $30 million investment by Tron into World Liberty Financial, a Trump-affiliated decentralized finance project. Sun was subsequently appointed as an advisor to the project.
The Wall Street Journal recently cited Chainalysis data reporting that the TRUMP memecoin has generated hundreds of millions of dollars in cryptocurrency profits for entities linked to the former president.
While trading volumes and onchain activity have tapered off since the initial surge, Kaiko expects another wave of heightened activity as the competition deadline nears.
“Volumes have since tapered off as the euphoria waned, similar to onchain activity,” Kaiko said. “However, based on the website’s rules for the competition, we can expect to see more activity in the coming weeks, as holders move funds back onchain to qualify for the event.”