Official Trump memecoin dropped after a Monday morning rally as the opponents expressed concern over rewarding the coin’s biggest investors.
What Happened: President Donald Trump linked the cryptocurrency increase to an intraday peak of $15.55 early in the morning but could not maintain the upward trend, sliding down to $14.20 overnight.
The drop differed from the rest of the meme coin market, which observed its market value increase by more than 3% in the past 24 hours.
The drop comes after a few Democratic lawmakers claimed Trump engaged in corrupt practices and breached federal ethical guidelines in a personal dinner invitation to the meme coin’s biggest holders.
Sen. Jon Ossoff (D-Ga.) said selling access for money should lead to impeachment, while Sen. Elizabeth Warren (D-Mass.) asked the U.S. Office of Government Ethics to look into the issue.
Significantly, the team under this project mentioned that Trump may not reach the gala dinner and the programme may be cancelled or postponed according to their preference. TRUMP jumped as high as 65% on the declaration past week.
This planned release of TRUMP coins has been postponed by another three months, the project’s official X (formerly Twitter) account confirmed in the past week.
Significantly, only 20% of the Trump supply is provided for trading. The left 80% part is managed by insiders under a three-year ownership timeline.
Price Action: At the time of reporting, Trump’s value was fluctuating at $14.39, dropping 0.16% in the past 24 hours.
Read also:- Is Donald Trump Set to Launch a Bitcoin Reserve Tomorrow?
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