TRUMP Holders Sell, New 'DINNER' Meme Coin Gains Attention With 2,300% Surge

The recent TRUMP dinner, which gathered 220 top investors and holders, failed to create a significant price increase for this meme coin.

Despite high expectations, the event revealed that many investors were merely opportunistic, using the occasion to network with celebrities. However, it led to a 2,312% surge of another meme coin.

Dinner with Trump Leads to Major Sell-off

The TRUMP dinner, where 220 top holders were invited, highlighted how investors typically act opportunistically. Among the invitees, 92 people sold all their TRUMP tokens before the event.

According to data analyzed by the user "dethective" on X, it was discovered that 1 in 2 event participants did not have TRUMP tokens in their wallets. After the dinner, the total circulating TRUMP tokens decreased from 11.3 million to 7 million.

The sell-off behavior of TRUMP holders after the dinner reflects a broader trend among opportunistic investors. With the primary motivation being social and political events rather than the token itself, the market sentiment around TRUMP quickly turned negative. This lack of genuine interest led to a rapid token price decline despite the event's attention.

Although the dinner event did not create significant movement in the TRUMP meme coin, it triggered an unexpected surge of another token, Trump Dinner (DINNER). Created just two days before the event, DINNER surged 2,312%, from $0.0000139 to $0.0002186 within 24 hours.

This impressive price increase brought DINNER's market capitalization to $48 million, marking it as one of the fastest-growing meme coins recently. However, despite the rapid growth, it remains uncertain whether DINNER can maintain this momentum.

As the excitement around the TRUMP dinner subsides, the token is expected to face adjustment. The speculative nature of such tokens often leads to significant price volatility, and DINNER may experience a substantial price drop before the end of the week.

TRUMP Price Needs Stronger Support

The TRUMP price showed minimal volatility in the past 24 hours. Despite the event, this meme coin only increased by 11% during the day, then dropped to $14.25, marking a 3.3% decrease. This lack of sustainable growth reflects investor hesitation and TRUMP's potential inability to capitalize on the hype.

For over a month, TRUMP has struggled to maintain support at $14.53. This makes the coin difficult to break through the resistance level of $15.62. Even if the coin recovers, it is likely to remain within a consolidation range, fluctuating between $14.53 and $15.62. This price action suggests limited short-term growth potential.

If TRUMP faces selling pressure, it could drop to the next support level at $13.36. If it falls below this level, growth prospects will be nullified. A move below $13.36 could trigger further price decline, signaling a change in investor sentiment and a potential long-term downward trend.