TRUMP Memecoin Soars 16% Amid Controversy Over Presidential Access Allegations
TRUMP memecoin surges 16% amid impeachment talk over alleged 'pay-for-access' dinner with President Trump; lawmakers call for ethics probe as token rallies 85% in one week.
The TRUMP memecoin, a cryptocurrency linked to U.S. President Donald Trump, has jumped nearly 16% in the past 24 hours, even as Democratic lawmakers raise concerns that the token could be at the center of potential impeachment proceedings. The surge follows a significant token unlock earlier this month that flooded the market with new supply.
During a town hall event on Friday, Senator Jon Ossoff (D-Ga.) criticized the TRUMP crypto project, highlighting reports that its top holders were being offered an exclusive dinner with President Trump. According to NBC News, Ossoff described the situation as a "clear case of selling access to the presidency," suggesting it could be grounds for impeachment.
“When the sitting President of the United States is effectively accepting payments in exchange for private access, there’s no question it crosses into impeachable territory,” Ossoff said.
Adding to the scrutiny, Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) sent a formal request to the U.S. Office of Government Ethics on April 25. They urged an investigation into whether President Trump breached federal ethics laws by inviting top TRUMP memecoin investors to the exclusive event.
The controversy stems from an announcement that a private dinner will be held on May 22, where the 220 largest TRUMP token holders will have the opportunity to meet President Trump in person.
Despite the political firestorm, TRUMP's price action remains strong. The token spiked more than 70% following the dinner announcement and has rallied an impressive 85% over the past week alone.
This bullish momentum comes despite a major $320 million token unlock earlier in April, which dramatically expanded the token’s circulating supply. Looking ahead, TRUMP is scheduled for another unlock within three months, set to release an additional 25.1% of its current supply, valued at around $780 million at today’s prices.
Still, it’s important to note that TRUMP remains down over 77% from its all-time high of above $70 shortly after its launch. The sharp price correction led to an estimated $2 billion in investor losses.
