The staff behind the TRUMP meme coin has rushed to make clear misconceptions in regards to the high-profile “Dinner with President Trump” occasion after rumors emerged that contributors wanted to carry not less than $300,000 price of TRUMP tokens to qualify.
In the meantime, Tron founder Justin Solar has emerged because the undisputed chief of the pack, amassing $14 million price of the meme coin to outpace different contenders in what’s turning into a high-stakes competitors for some face time with Donald Trump.
Separating Truth from Fiction
The initiative, promoted by the TRUMP meme coin staff, promised an unique dinner with the U.S. President for the highest 220 contributors in a leaderboard. Nonetheless, misinformation quickly unfold rapidly throughout social media, suggesting that the 220th-ranked TRUMP holder was the cutoff for the dinner. On-chain knowledge reveals that the actual account held greater than $300,000 price of the token.
It pressured the staff to go to X to dispel the rumors, clarifying that leaderboard eligibility was primarily based on time-weighted holdings moderately than uncooked greenback quantities. Additionally they confirmed that participation is open to any holder who registered in time, no matter whether or not their holdings measure in hundreds of thousands or mere lots of.
“We wish to make clear a number of issues individuals appear to be confused by on X and within the Media,” the official TRUMP meme account posted. “You want $300K+ to take part (You Don’t). That we’re unlocking into this competitors (We’re Not).”
The choice system is designed to reward long-term holders moderately than last-minute whales seeking to purchase their approach in. “The sphere is extensive open and it’s anybody’s alternative to have dinner with President Trump,” the staff wrote, explaining that the leaderboard calculation will exclude locked tokens, alternate wallets, and non-participating holders.
Justin Solar’s $14M Guess
Information from the leaderboard confirms the range that the staff spoke about. Whereas the top-ranked pockets, related to TRON founder Justin Solar, at present holds 1,176,803 TRUMP tokens valued at about $14 million, the 220th place is occupied by a pockets with a mere 35.3 TRUMP price roughly $420.
Solar’s involvement, additionally confirmed by Lookonchain, despatched ripples by means of the crypto neighborhood. His registration for the dinner added gasoline to hypothesis that main figures within the crypto house had been taking the occasion critically.
Nonetheless, not everyone seems to be shopping for the hype. Some have voiced robust skepticism, calling the promotion a pump-and-dump entice: “Lmao pumping the coin earlier than the discharge of the locked cash for them to dump,” wrote a person.
Nonetheless, the market has reacted feverishly. Following the dinner announcement, TRUMP jumped from an area low of $9 to greater than $16, hitting a seven-week excessive in minutes. The value has since corrected, and on the time of writing, it was buying and selling at $13.08, a 9.1% on the day.
The uptick additionally pushed the token up 73.6% over the previous week and 62.4% throughout the final fortnight, considerably outperforming the broader crypto market.
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