TRUMP meme coin on-chain activity surged following dinner announcement: Kaiko
- TRUMP saw a 200% increase in on-chain activity on Wednesday after its team announced a private dinner for top token holders.
- Following the announcement, TRUMP recorded its highest daily trading volume on centralized exchanges since mid-February.
- The token saw over $2 billion in trading volume on Wednesday, accounting for nearly 50% of all meme coin trading volume.
Kaiko Research published a report on Monday highlighting the significant impact of TRUMP's team dinner announcement on the meme coin sector. The announcement triggered a surge in on-chain activity and trading volumes, with TRUMP accounting for nearly 50% of all meme coin trading volume.
TRUMP dinner sparks surge in meme coin activity
President Donald Trump-backed meme coin, TRUMP saw a surge in trading activity following an announcement from its team that they would be holding a dinner in May with the top 220 holders of the project.
Kaiko Research reported that the TRUMP token's on-chain activity surged over 200% after the dinner announcement, driven by nearly 10,000 wallets trading to secure a dinner spot. As a result, total transaction volume exceeded $2.3 billion.
A significant portion of this volume came from retail participants, particularly holders with less than $100,000 worth of TRUMP tokens. This group dominated trading activity, contributing to a noticeable rise in smaller-value transfers.
Kaiko also observed a substantial uptick in trading on Wednesday, with TRUMP accounting for nearly 50% of all meme coin trading volume on centralized exchanges. This marks its highest daily trading volume since mid-February and third-largest trading day on record, with volume surpassing $2 billion.
Following the announcement, TRUMP surged by 60%, climbing from $9 to approximately $14 within 24 hours. The token also accounted for nearly 50% of all meme coin trading volume on centralized exchanges.
However, the momentum has cooled, as the token has maintained a horizontal trend since the initial wave of investor enthusiasm subsided.
In an official update on the token's website, the team behind TRUMP revealed plans to host an exclusive dinner on May 18 for its top holders. Eligibility is limited to the top 220 wallets holding TRUMP tokens as of May 12. Additionally, the top 25 holders will allegedly be granted a private meet-and-greet with President Trump and a White House tour.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
