Summary
⚈ Trump’s crypto gala announcement caused TRUMP token price to surge 72.20% in a week.
⚈ Leaderboard factors holdings and duration, likely fueling further TRUMP accumulation soon.
An address associated with a trader dubbed boop on the Official Trump (TRUMP) leaderboard swapped 298,017 Fartcoins (FARTCOIN) worth over $300,000 at the time of the transaction for 26,178 TRUMP, according to data retrieved by Finbold from Solscan.
However, profit was not the only motive at play here. Donald Trump, President of the United States of America, will host a private gala on May 22 for 220 crypto traders who have the largest Official Trump holdings.
Currently, boop is in the 22nd spot on that list — in no small part thanks to this latest transaction.
Why the Trump crypto gala could drive Official Trump prices up
The initial announcement led to a sharp increase in the price of TRUMP, as investors with a lot of liquidity to spare vied for a spot in what will surely be an excellent networking opportunity at the very least. By press time, Official Trump was changing hands at $13.36, having marked a 72.20% surge on the 1-week chart.
There’s good reason to believe that the newfound incentive could drive the price of Official Trump even higher. At present, Justin Sun, the founder of Tron (TRX), holds the number one spot on the leaderboard.
A key reason as to why TRUMP could rally even more — and sooner, rather than later, is the way that the leaderboard works. It isn’t a simple, straightforward measure of holdings — rather, duration also plays a factor. Accordingly, traders who seek to maximize the chances of attending the prestigious event will most likely shore up their holdings as soon as possible.
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