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The Official Trump Coin saw a significant surge on Thursday, buoyed by a broader recovery across Bitcoin, altcoins, and the stock market.

Trump Coin’s Performance

The Trump Coin rose to $12.45, marking its highest level since May 3 and reflecting a 72% increase from its lowest level in April. This rebound elevated its market capitalization to over $2.46 billion, underscoring renewed investor interest.

The rally aligned with Bitcoin crossing the $100,000 milestone and the total cryptocurrency market cap climbing 2% to reach $3.2 trillion. Positive sentiment across the crypto market contributed to TRUMP’s upward momentum.

Exclusive Dinner Event Sparks Interest

TRUMP’s latest upswing also coincided with growing anticipation for an exclusive dinner event hosted by President Trump at his Virginia golf club. The event is expected to bring together over 200 of the top TRUMP holders, with the 25 largest holders receiving a VIP tour.

This dinner, however, has sparked criticism from Democrats and ethics watchdogs, who have accused Trump of leveraging his presidency for personal gains. Some Democrats have even pledged to pursue impeachment if they regain control of Congress in the upcoming midterms.

Foreign Ownership Concerns

A notable issue surrounding Trump Coin is the significant foreign ownership among top holders. Reports suggest that 56% of the leaderboard consists of foreign investors utilizing exchanges not allowed in the US, such as Binance, OKX, and Bybit. This has raised additional scrutiny over the coin’s impact on ethics and regulatory compliance.

Price Outlook Ahead of the Event

There is speculation that the Trump Coin price will continue to rise as the dinner event approaches, driven by investor enthusiasm and the desire to secure an invitation. However, this optimism is tempered by potential risks that could lead to price volatility.

Potential Risks

One significant risk is the possibility of Trump postponing the dinner, which could dampen investor sentiment. Trump has a history of delaying major events and decisions, as seen in instances like his Liberation Day tariffs and the TikTok ban.

Another risk is the likelihood of a sell-off before and after the dinner. Investors who fail to secure a dinner invitation may offload their holdings ahead of the event. Similarly, some buyers may sell immediately after the event, capitalizing on the “buy the rumor, sell the news” strategy.

Trump Coin Price Prediction

Analyzing the eight-hour chart, Trump Coin reached a low of $7.13 in April, surged to $16.41 on April 26, and subsequently pulled back to $10.30 before rebounding again.

Currently, TRUMP has moved above the 25-period moving average and broken out of a small falling wedge pattern, which is typically a bullish reversal indicator. This suggests the token might retest the $16.41 level, potentially forming a double top.

A retracement is possible, especially in the days surrounding the exclusive dinner event, as market dynamics shift based on investor behavior.

Key Takeaways for Crypto Investors

  • Monitor market trends: Trump Coin’s movement is closely tied to broader cryptocurrency trends, including Bitcoin’s performance.
  • Evaluate risks: Consider potential volatility stemming from event-related news and investor sentiment.
  • Stay informed: Keep an eye on developments related to Trump Coin and other cryptocurrencies to make informed investment decisions.

The Trump Coin continues to generate buzz in the cryptocurrency community, but investors should approach with caution given the risks and uncertainties surrounding its price movements.

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