The TRUMP memecoin, associated with U.S. President Donald Trump, has experienced a notable rise of approximately 16% in the past day. This surge occurs amid growing scrutiny from Democratic lawmakers who argue that the president’s involvement with the token could be a potential basis for impeachment. This follows a significant token release earlier in the month.
During a town hall meeting on Friday, Senator Jon Ossoff (D-Ga.) highlighted a crypto project’s offer that grants its top investors an invitation to a dinner event with President Trump. Ossoff described this as a blatant instance of monetizing access to the presidency, as reported by NBC News. He stated, “When the sitting president of the United States is exchanging access for what effectively amounts to direct payments to him, it unquestionably constitutes an impeachable offense.”
Furthermore, U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) have formally requested the U.S. Office of Government Ethics to investigate whether President Trump breached federal ethics regulations by extending invitations to top investors.
The controversy arises from an announcement regarding a private dinner scheduled for May 22, where the leading 220 TRUMP memecoin holders are promised an opportunity to meet with the U.S. President.
Despite the political uproar, the TRUMP token continues to climb. The memecoin experienced a surge exceeding 70% following the event announcement and has gained 85% over the past week.
This rise occurs in the wake of a massive $320 million token unlock earlier this month, which significantly increased its circulating supply. In less than three months, the TRUMP token is poised for another unlock, releasing an additional 25.1% of its current circulating supply, valued at nearly $780 million at the time of writing.
Despite these recent gains, the token remains down more than 77% from its all-time high, which exceeded $70 shortly after its launch. The subsequent price decline resulted in an estimated $2 billion in investor losses.
Source: Coindesk.com
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