Summary
⚈ Whales cashed in with large investors capitalizing on the hype, including one trader who profited nearly $670,000.
⚈ Ethics backlash has emerged as critics warn the event could enable pay-to-play politics and violate ethics rules.
Investors who bought $1,000 worth of the Official Trump (TRUMP) meme coin when Donald Trump announced an exclusive dinner for the top 220 token holders would have recorded a solid return on investment.
When Trump announced the dinner on April 23, the Solana (SOL)-based meme coin was trading at $9.15. By press time, TRUMP had risen 22.5% to $11.21, reaching a peak of $16 on April 26.
For those who held TRUMP from April 23 to May 5, the 22.5% gain would have turned a $1,000 investment into $1,225.
Meanwhile, investors who cashed out at the April 26 peak would have scored a 74.86% return, turning $1,000 into $1,748.64 in just three days.
Increased TRUMP whale transactions
It’s worth noting that since the dinner announcement, TRUMP performed contrary to the broader cryptocurrency market, with whales jostling for a position on the dinner table.
For instance, as reported by Finbold, one crypto trader netted nearly $670,000 from a TRUMP token trade, part of a broader rush to become among the top holders.
Notably, Trump is set to host the exclusive event on May 22 at his Washington D.C. golf club, offering VIP access to the top 25 coin holders.
However, critics, especially from the Democratic party, have called for an ethics probe, warning the event could amount to “pay-to-play” influence and potentially violate emoluments clauses.
Trump’s team maintains that no conflict of interest exists since his assets are held in a trust. Still, the lack of transparency in crypto has raised concerns about possible undisclosed buyers seeking political favors through the dinner event.
Featured image from Shutterstock
