Highlights:
- The Trump memecoin has seen nearly a 15% rise within a day following negative reactions regarding a private dinner for key token holders.
- Senator Jon Ossoff referred to this dinner as indicative of “impeachable” actions.
- Despite the increase in circulating supply from significant token unlocks, the price of the token has continued to surge.
The TRUMP Token’s Surge
The TRUMP memecoin associated with U.S. President Donald Trump has increased by about 16% in the past 24 hours. This rise occurs even as Democratic lawmakers express concerns regarding the president’s connections to the token, suggesting possible impeachment grounds amid a recent significant unlock event.
At a town hall meeting on Friday, Senator Jon Ossoff (D-Ga.) raised issues about an event hosted for top cryptocurrency holders with President Trump, indicative of privileges akin to selling access to presidency, as reported by NBC News.
“When the sitting president of the United States is selling access for what are effectively payments directly to him, that qualifies as an impeachable offense,” Ossoff stated.
Senators Adam Schiff and Elizabeth Warren also communicated to the U.S. Office of Government Ethics on April 25, seeking an inquiry into whether President Trump broke federal ethical rules by meeting with top investors.
The discussions arose from an announcement regarding a planned dinner that will be held on May 22, where the foremost 220 TRUMP memecoin investors can interact with the president.
Despite this scrutiny, the TRUMP token’s value has surged, escalating over 70% following the event announcements and showcasing a remarkable 85% increase within the last week. The token notably experienced a $320 million unlock earlier this month, significantly expanding its circulating supply.
As of now, TRUMP token sits 77% below its peak price of $70, which it reached shortly after its inception. This drop has resulted in an estimated loss of approximately $2 billion for investors.
