Official Trump TRUMP/USD gave up early morning gains Monday as the opposition voiced concerns about rewarding the coin’s largest investors.
What Happened: The President Donald Trump-associated cryptocurrency rose to an intraday high of $15.55 early in the morning but failed to sustain the rally, pulling back to $14.20 overnight.
The decline contrasted with the rest of the meme coin market, which saw its capitalization rise by more than 3% in the last 24 hours.
The dip comes after a few Democratic lawmakers accused Trump of corruption and violating federal ethics regulations over a private dinner invitation to the meme coin’s largest holders.
While Sen. Jon Ossoff (D-Ga.) deemed selling access in exchange for payments an impeachable offense, Sen. Elizabeth Warren (D-Mass.) requested that the U.S. Office of Government Ethics intervene in the matter.
See Also: SEC Zooms In On Nayib Bukele-Led El Salvador’s Crypto Regulation Model
Interestingly, the team behind the project indicated that Trump may not attend the gala dinner and that the event may be cancelled or rescheduled at their discretion. TRUMP surged as much as 65% on the announcement last week.
The scheduled unlocking of TRUMP coins has been delayed by another three months, the project’s official X account confirmed last week.
Note that only 20% of the TRUMP supply is available for trading. The remaining 80% is controlled by insiders under a three-year vesting schedule.
Price Action: At the time of writing, TRUMP was exchanging hands at $14.39, down 0.16% in the last 24 hours, according to data from Benzinga Pro.
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading
Photo Courtesy: Joseph Sohm On Shutterstock.com
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