On May 5th, during an engaging segment on Meet the Press, former President Donald Trump addressed inquiries regarding his connection to the TRUMP cryptocurrency. When questioned about potential profits from his presidency, Trump emphatically stated he had not gained financially from it. This clarification came amid rising scrutiny after data from Chainalysis revealed that Trump and his associates generated approximately $900,000 in transaction fees within a mere two days. The spike followed an announcement that the top 220 holders of the token would be offered a private dinner with Trump.
Following the dinner announcement, the TRUMP token experienced a remarkable surge, increasing by over 50%. It is noteworthy that around 80% of the total supply of this token is held by Trump and his affiliates. Legal experts have flagged potential ethical issues surrounding this token and event, though they stopped short of declaring any legality problems. As criticisms mount from various political figures, including notable Democrats who are advocating for investigations, the implications of this scenario continue to garner significant attention.