On May 29, 2025, the 4-hour TRUMP/USDT chart on Binance created a descending channel pattern.
Source: TradingView.com
A descending channel pattern forms when the price moves between two downward-sloping parallel lines, signaling continued bearish momentum.
If this pattern confirms, TRUMP coin’s price may drop 28% from the current level of $12.05 to around $8.65.
The chart shows that TRUMP token recently dropped sharply from the $16 zone, forming the channel’s upper boundary with multiple lower highs. Meanwhile, support formed near the $11.90 level, creating the lower boundary. This consolidation followed a steep decline that began on May 22.
Currently, the price trades below the 50-period Exponential Moving Average (EMA), which stands at $12.87. The EMA gives more weight to recent price action and often acts as dynamic resistance. This positioning reinforces the ongoing downtrend.
Volume remains low during consolidation, which is common before a breakout or breakdown. The Relative Strength Index (RSI) is at 33.98, below the neutral 50 level, indicating weak buying momentum and possible oversold conditions.
If TRUMP breaks below the lower boundary of the channel with strong volume, it would confirm the bearish continuation setup, targeting the projected level near $8.65.
Trump’s $TRUMP Coin Dinner Triggers Congressional Investigation
On May 29, 2025, Representative Jamie Raskin, the top Democrat on the House Oversight Committee, opened a formal inquiry into a private dinner organized by Donald Trump for $TRUMP coin’s top investors. The event took place at Trump National Golf Club in Virginia and reportedly gathered 220 individuals who held large positions in the Trump-themed meme coin. The invitation-only gathering came shortly after the coin generated hundreds of millions of dollars in profits for parties connected to the former president.
Raskin’s office expressed concerns over potential violations of the Constitution’s emoluments clause, which bars presidents from receiving financial benefits from foreign states or their representatives. The congressman requested detailed records of attendees, transaction histories of wallets holding large amounts of $TRUMP, and any communications involving Trump’s campaign and the coin’s promoters. The investigation also seeks clarity on whether any foreign nationals were involved, given the possibility that cryptocurrency was used to bypass traditional political donation channels.
Further controversy surrounds the reported use of the presidential seal at the event, which could violate federal law. Critics argue that the event blurred the lines between personal enrichment and political campaigning. The $TRUMP coin, which launched in early 2025, saw a rapid rise and subsequent crash in price, with many investors suffering losses while Trump-linked entities allegedly earned over $300 million. Raskin stated that the goal of the investigation is to determine if the coin’s profits served as a “backdoor conduit of political contributions.”
$140 Million Spent on $TRUMP Coin for Dinner Access Raises Watchdog Concerns
On May 13, 2025, CBS News reported that buyers of the $TRUMP meme coin spent over $140 million to secure access to a private dinner with Donald Trump. The offer, announced on April 23, promised invitations to the top 220 token holders by May 12, driving the coin’s value up more than 40% following a prior 88% drop. According to Inca Digital, individual spending ranged from $53,500 to $16.4 million. The highest-ranked wallet, named “Sun VIP,” remains anonymous, along with the others due to the nature of crypto wallet identities.
Inca Digital also revealed that many purchases occurred through offshore exchanges like Bybit and Gate.io, which do not allow U.S. customers. This raised suspicions that some participants may have used these platforms to bypass U.S. regulations. Austin Ryan of Inca stated that several users transferred funds to international exchanges, suggesting they were likely non-U.S. based. The lack of transparency surrounding these holders has fueled criticism from government watchdogs and Democratic lawmakers.
Concerns grew over the Trump Organization’s direct financial benefit from the promotion. CIC Digital, affiliated with the Trump family business, and partner company Fight Fight Fight, earn trading fees from each $TRUMP coin transaction through decentralized exchange liquidity pools. The coin’s structure and the associated VIP dinner—scheduled for May 22 at Trump NationalGolf Club—have drawn accusations of pay-to-play politics, particularly as neither the White House nor the Trump Organization has commented on the issue.
