Since President Donald Trump’s exclusive dinner on May 22 for top holders of his meme coin, Official Trump (TRUMP), the token has recorded a steady outflow of capital.
On the day of the event, TRUMP’s total market cap stood at $3.13 billion. In the lead-up to the dinner, the token had experienced a consistent inflow of capital, largely driven by whales competing for top positions.
As of press time on June 11, the market cap has declined to $2.12 billion, a loss of approximately $1.01 billion. This equates to an average daily drop of about $50.5 million over 20 days.
TRUMP’s price has also suffered, falling nearly 30% since the event to trade at $11.08.
Since its controversial January launch, TRUMP has generally moved in tandem with the broader cryptocurrency market.
However, the meme coin appears to have lost momentum, failing to rally alongside recent bullish trends that pushed Bitcoin (BTC) past the $110,000 mark before a slight pullback.
TRUMP’s performance
Following the dinner announcement, TRUMP occasionally outperformed the broader crypto market, boosted by aggressive whale accumulation. To this end, some whales recorded massive profits and losses while trading TRUMP.
The dinner was a reward for the top 220 TRUMP holders, who collectively spent over $100 million to secure seats. The top 25 investors also received access to a private VIP reception with President Trump.
The guest list featured notable figures such as crypto billionaire and Tron (TRX) founder Justin Sun.
Trump first announced the exclusive dinner in April, a move that sent the meme coin soaring, with prices spiking over 60% in a single day.
On the other hand, the event sparked controversy, with critics, particularly Democratic leaders, accusing Trump of running a “pay-to-play” scheme and profiting from the presidency by selling access to wealthy investors.
Featured image via Shutterstock
