According to on-chain data, whale activity related to the TRUMP token, associated with U.S. President Donald Trump, has reached its highest level in five months. Despite a steady downward trend since the beginning of the year, activity has noticeably accelerated following the project team's announcement of a lunch event at Trump's Mar-a-Lago estate. During this event, the president is expected to host top token holders. In addition to the main event, holders ranked in the top 297 will be eligible to attend, while those in the top 29 wallets will undergo background checks for a chance to meet the president privately. Several key figures from the crypto industry are also expected to participate in this gathering, seemingly driving recent interest in the token.
According to additional data from CoinCarp, TRUMP currently has 642,882 holders, but the holdings are highly concentrated. The top 10 wallets hold over 91% of the supply, while the top 100 wallets account for about 97%. This pattern is not unfamiliar to TRUMP holders. A similar event announced last year also caused the token to surge significantly before the event. However, as the initial momentum faded, the token entered a prolonged downward trend, and unless market conditions change substantially, this event may follow a similar trajectory. While the upcoming event has reignited interest among crypto participants, it may also attract regulatory scrutiny in Washington, as lawmakers continue to question whether such events present conflicts of interest.
