Despite Impeachment Demands and Large Token Unlocks, Trump Token Rises 85% This Week

Despite calls for impeachment and a major unlock of its circulating supply earlier this month, the TRUMP memecoin associated with President Donald Trump continues to defy gravity and rise in value.

Over the past 24 hours, the TRUMP token has surged by 16%, even as Democratic lawmakers criticize the president’s involvement with the token. Some argue that it could be grounds for impeachment, particularly after a recent announcement involving an exclusive dinner with President Trump for top holders of the memecoin.

At a town hall on Friday, Senator Jon Ossoff (D-Ga.) condemned the crypto project, which is offering the top 220 TRUMP token holders an invitation to a dinner with the president, calling it a clear instance of selling access to the presidency.

“When the sitting president of the United States is selling access for what are effectively payments directly to him, there is no question that this rises to the level of an impeachable offense,” Ossoff argued, according to NBC News.

Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) also sent a letter to the U.S. Office of Government Ethics on April 25, requesting an investigation into whether the president violated federal ethics rules with his involvement in the token project.

The controversy centers on an announcement that a private dinner will be held on May 22, where the top 220 TRUMP memecoin holders will have the chance to meet with President Trump. The event has spurred debate over the ethical implications of the connection between the president and the memecoin.

Despite the political firestorm, the TRUMP token has continued to climb. The memecoin rose over 70% after the announcement of the dinner event and has experienced a staggering 85% increase over the past seven days.

This price surge comes even after a major unlock earlier this month, where $320 million worth of TRUMP tokens were released into circulation, inflating its supply. An additional 25.1% of the circulating supply, worth nearly $780 million at current prices, is scheduled for unlocking in less than three months.

Although the token has experienced significant growth recently, it remains down more than 77% from its all-time high above $70 shortly after its launch. This sharp decline has resulted in approximately $2 billion in losses for early investors.

Nevertheless, the TRUMP memecoin continues to defy expectations, demonstrating resilience amidst the controversies surrounding its political ties and market volatility.