Cryptocurrency market data analysis firm Kaiko has reported a dramatic surge in trading activity following the announcement of a VIP dinner event for holders of the U.S. president Donald Trump’s memecoin.
On Monday, The Block reported that the top 220 holders of the Trump’s memecoin (TRUMP) will be invited to a VIP dinner, with the top 25 getting a chance to meet Trump in person. This announcement triggered a 60% price spike for TRUMP, jumping from 9 USD to 14.50 USD in just 24 hours. On-chain transfers soared to 2.4 billion USD, while on-chain activity saw a 200% increase.
Kaiko noted that the day of the announcement marked TRUMP’s highest monthly trading volume, with centralized exchanges experiencing their busiest day since mid-February. Despite a subsequent dip in trading volume, Kaiko predicts another surge on the horizon.
The firm stated that trading volume had decreased as the initial excitement subsided, but based on the event rules posted on the website, they anticipated increased trading activity in the coming weeks. They added that as the deadline approached and holders transferred funds on-chain to secure their spots at the event, another uptick in activity was expected.