The Trump-themed meme cryptocurrency, dubbed the “official token” of U.S. President Donald Trump, surged over 70% on Wednesday

The event, promoted on the project's website as “the most exclusive invitation in the world,” sparked a buying frenzy that pushed the token's price to nearly $16—its highest level since early March.

The Trump-themed meme cryptocurrency, officially recognized as the “official token” of former U.S. President Donald Trump, experienced a surge of over 70% on Wednesday. This surge followed the announcement of an exclusive dinner with Trump for the top 220 token holders.

The event, described as “the most exclusive invitation in the world” on the project’s website, will take place on May 22 at 7 p.m. at the Trump International Hotel in Washington, D.C. It will bring together the leading members of the “Trump Nation,” offering them a unique opportunity to interact with the former president in an intimate setting.

Breaking: Trump just announced that the top 220 holders of his $TRUMP Meme Coin will be invited to dinner with him on May 22nd.

Let that sink in: Trump, his family, and his businesses control the coin, so he’s essentially telling people to pump his asset if they want a seat at his table. pic.twitter.com/1zDbbekAmS

— Ben Armstrong (@bensprime) April 18, 2024

This invitation sparked a buying frenzy, pushing the token’s price to nearly $16, marking its highest level since early March. The price later retracted to below $12, still reflecting a 40% gain over the past 24 hours.

The rally comes just days after $300 million worth of previously locked Trump tokens were released into circulation on Wednesday. Despite this large unlock, approximately 75% of the token’s total supply remains locked, with another 600 million tokens scheduled for release in July, according to a blockchain analytics platform.

The Trump token was originally launched just days before Trump’s January 20 inauguration, and has faced significant backlash from industry insiders. They argue that the token exploits Trump’s name, political influence, and public profile for financial gain, while also criticizing the heavy insider allocations and lack of clear utility for the token.

Despite Wednesday’s rally, the Trump token is still trading more than 80% below its all-time high of $73, which was reached on January 19.

The Trump memecoin is part of a broader trend involving the president’s engagement with blockchain-based assets. Over the past two years, Trump has launched four NFT collections and is increasingly associated with crypto-native fundraising and marketing strategies. These developments hint at a long-term interest in leveraging Web3 platforms for political, financial, or branding purposes.