The Official Trump (TRUMP) memecoin surged as much as 59% on Friday as large investors accumulated the token following the announcement of a second gala event offering invitations to top holders.
TRUMP rose to around $4.40 before pulling back to the $4 level according to The Block price data, its highest level in over a month, after the team behind the token promoted a conference and luncheon for top holders at Mar-a-Lago.
The rally comes after the token hit an all-time low near $2.75 a day earlier, following an eight-month slide.
Onchain data shared by blockchain analytics accounts Lookonchain and Arkham Intelligence suggest large buyers are driving the move.
"Three newly created wallets withdrew about 2.54 million TRUMP tokens worth roughly $8.8 million from Binance in the past 12 hours," according to a Lookonchain post on X.
Of those three, one trader identified by the address prefix “DNTpoX” withdrew about 2.2 million tokens worth approximately $6.9 million.
That same wallet has been inactive since losing about $15.7 million on a trade involving the Melania Meme (MELANIA) memecoin last year, Lookonchain noted.
Based on TRUMP’s current price near $4.23, the whale’s purchase is already worth roughly $9.3 million, giving them an unrealized gain of more than $2.3 million.
The buying activity comes after the memecoin’s organizers launched a promotion offering invitations to an April 25 event at President Donald Trump's Mar-a-Lago club in Palm Beach, Florida. The top 297 holders of the token during a qualification period running from March 12 to April 10 will receive invitations, with the top 29 promised access to a VIP reception with the president.
The promotion echoes a similar event last year in which top TRUMP holders were invited to a dinner with Trump at his golf club outside Washington, D.C., an event that drew criticism from lawmakers and watchdog groups who argued it risked allowing wealthy investors to effectively buy access to the president.
Even with the latest price pump, the TRUMP Official token remains down 94% from its peak near $74 shortly after launching in early 2025.
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