The announcement of an exclusive VIP dinner for top holders of the TRUMP meme coin has triggered a massive surge in on-chain activity, with transfers totaling $2.5 billion. The event, announced on April 23, promises not only a luxurious dinner but also a meet-and-greet session with former U.S. President Donald Trump for the top 25 holders. This incentive has driven unprecedented demand, making it one of the most significant events in the meme coin’s short history.
A Dinner with Donald: What’s at Stake?
The announcement detailed plans for an exclusive dinner for the top 220 holders of the TRUMP meme coin, with the top 25 holders receiving a unique opportunity to meet Donald Trump in person. According to Kaiko, this incentive sparked a 200% surge in on-chain activity , with nearly 10,000 wallets transferring the token. The frenzy saw TRUMP’s price jump 60% on the day of the announcement, climbing from $9 to $14.50 , marking its busiest trading day since mid-February.
The event also propelled TRUMP to the forefront of the meme coin market, overshadowing competitors like DOGE. On the day of the announcement, TRUMP accounted for nearly 50% of all meme coin trading volume on centralized exchanges, underscoring its dominance in the space.
Small Wallets Drive the Surge
One notable trend highlighted by Kaiko was the spike in activity among smaller wallets. Typically, around 46% of active wallets transfer less than $10,000 worth of TRUMP, but this figure jumped to 75% following the announcement. Most of this surge came from very small transfers—under $1,000 —which alone made up 47.2% of active wallets. This indicates that retail investors were highly motivated to participate in the event, even if they held relatively modest amounts of the token.
The research firm noted that the majority of these transfers occurred on the Solana blockchain , reflecting the platform’s growing role in facilitating meme coin transactions.
Controversy Surrounding the Initiative
While the dinner incentive has undeniably boosted TRUMP’s popularity, it has also drawn criticism from political opponents and ethics advocates. Critics argue that the initiative blurs the line between politics, personal gain, and public trust. Senator Jon Ossoff has called for President Trump’s impeachment over the event, condemning it as “unethical and dangerous.” Opponents claim that the move rewards individuals who financially support Trump through meme coin purchases, raising concerns about potential conflicts of interest.
Adding to the controversy, some experts have pointed out suspicious on-chain movements linked to the announcement. Data from Arkham Intelligence revealed that a user identified as “Sun” appeared to be registering for the event shortly after the announcement. Speculation suggests this could be Justin Sun , founder of Tron , who has been a vocal supporter of Trump. In November, Sun announced that Tron had invested $30 million in World Liberty Financial , a Trump-linked DeFi project, further fueling suspicions of deeper ties between the two.
What’s Next for TRUMP Holders?
Although trading volumes have tapered off since the initial announcement, Kaiko predicts another wave of intense market activity as the May 12 deadline approaches. The rules stipulate that the top 220 average TRUMP holders between April 23 and May 12 will qualify for the dinner. As the cutoff date nears, holders are likely to move funds back on-chain to secure their spots, potentially driving another surge in activity.
“Volumes have since tapered off as the euphoria waned, similar to on-chain activity. However, based on the website’s rules for the competition, we can expect to see more activity in the coming weeks,” Kaiko noted.
Final Thoughts
The TRUMP meme coin dinner incentive has demonstrated the immense power of gamification in driving crypto adoption and on-chain activity. While the initiative has been met with both enthusiasm and criticism, it underscores the growing intersection of politics and blockchain technology.
As the May 12 deadline looms, the race to qualify for the exclusive dinner is likely to intensify, keeping TRUMP in the spotlight. Whether this event will solidify TRUMP’s place in the meme coin ecosystem or spark further regulatory scrutiny remains to be seen.
