beincrypto.com
The recent $TRUMP dinner, which witnessed the gathering of the top 220 $TRUMP holders and investors, failed to ignite a significant rise in the meme coin’s price.
While expectations were high, the event revealed that many investors were merely opportunistic, using the occasion to engage with high-profile figures. However, it led to a dramatic 2,312% rise in a different meme coin.
$TRUMP Dinner Led To Massive Sell-Off
The $TRUMP dinner, to which 220 top holders were invited, highlighted how investors often act opportunistically. Of those invited, 92 holders sold all their $TRUMP holdings before the event.
According to data analysed by user “dethective” on X, it was found that 1 in 2 event attendees had no $TRUMP tokens in their wallets. Following the dinner, the total number of $TRUMP tokens in circulation dropped from 11.3 million to 7 million.
The sell-off behavior of $TRUMP holders post-dinner reflects a broader trend among opportunistic investors. With the main incentive being the social and political event rather than the token itself, the market sentiment surrounding $TRUMP quickly turned bearish. This lack of genuine interest led to a quick decline in the token’s price despite the attention garnered from the dinner.
While the dinner event failed to produce significant movement in the $TRUMP meme coin, it triggered an unexpected rise in another token, Trump Dinner (DINNER). Created just two days before the event, DINNER skyrocketed by 2,312%, rising from $0.0000139 to $0.0002186 within 24 hours.
This impressive price surge brought DINNER’s market cap to $48 million, marking it as one of the fastest-rising meme coins in recent memory. But despite the rapid rise, it is uncertain whether DINNER can sustain its gains.
As the excitement around the $TRUMP dinner dies down, the token is expected to face a correction. The speculative nature of such tokens typically results in volatile price movements, and DINNER may experience a significant pullback before the weekend ends.
$TRUMP Price Needs Stronger Support
$TRUMP’s price has seen minimal movement in the last 24 hours. Despite the event, the meme coin rose by just 11% intraday, only to fall back to $14.25, marking a 3.3% decline. This lack of sustained growth reflects investor hesitation and the inability of $TRUMP to capitalize on the hype.
For over a month, $TRUMP has struggled to secure support at $14.53. This is making it difficult for the coin to breach the $15.62 resistance level. Even if the coin recovers, it is likely to remain in a consolidation range, hovering between $14.53 and $15.62. This price action indicates limited upside potential in the short term.
If $TRUMP faces selling pressure, it could drop toward the next support level of $13.36. If it falls below this level, the bullish outlook would be invalidated. A move below $13.36 could trigger further declines, signaling a shift in investor sentiment and a potential longer-term downtrend.