Markets, Trump, Donald Trump, Memecoin, Top Stories, News U.S. Peesident Donald Trump’s memecoin has led to requires impeachment and inflated its circulating provide in main unlocks. It’s nonetheless defying gravity.
TRUMP, the memecoin tied to U.S. President Donald Trump, is up about 16% within the final 24 hours, at the same time as Democratic lawmakers cite the president’s involvement with the token as potential grounds for impeachment and after a large unlock earlier within the month.
At a city corridor on Friday, Sen. Jon Ossoff (D-Ga.) pointed to the crypto mission providing its high holders an invite to a dinner occasion with President Trump, calling it a transparent case of promoting entry to the presidency, NBC News reports.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense,” Ossify mentioned.
U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) additionally sent a letter on April 25 to the U.S. Office of Government Ethics asking for an investigation to find out if President Trump violated federal ethics guidelines by inviting high buyers.
Read extra: Dinner With the U.S. President? All You Need Is $420 Worth of TRUMP
The allegations stem from an announcement {that a} non-public dinner will probably be held on May 22, the place the highest 220 TRUMP memecoin holders can meet with the U.S. President.
Still, the TRUMP token has stored on rising. The memecoin surged over 70% after the occasion was introduced and has already been up 85% over the past seven days.
The rise got here even after the token noticed a massive $320 million unlock earlier this month, considerably inflating its circulating provide. In lower than three months, TRUMP token is ready to endure an additional unlock of 25.1% of its present circulating provide, on the time of writing, price almost $780 million.
Despite the latest rise, the token remains to be down greater than 77% from its all-time excessive above $70, which it noticed shortly after launch. Its subsequent value plunge led to an estimated $2 billion of investor losses.
Read extra: TRUMP Token Pops 12% After U.S. President Calls It ‘The Greatest of Them All’
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