Former President Donald Trump’s cryptocurrency, TRUMP coin, is causing quite a stir. That enthusiasm comes after a creative contest gave attendees the chance to have dinner with the Ex-Commander-in-Chief. To gain access to the ultra-exclusive dinner, investors needed to purchase a minimum of 4,196 units of TRUMP coin. At the time of the award announcement, that value was worth approximately $54,000. The dinner is slated to take place at Trump’s Washington, DC golf club. It’s poised to lure in crypto supporters, as well as fans of the former president.
With the event looming, market activity around the TRUMP coin has heated up. Analysts had warned about a sharp drop in TRUMP’s value after venues for the dinner were set. Even with these concerns, the coin’s value has suffered only a marginal drop-off. Observers suggest that this muted response may stem from expectations that holding the coin could provide additional benefits in the future.
Now, only nine smart money traders still have their fortune invested in TRUMP coin.But this number shows an astonishing shift in overall investor sentiment. Almost half of those who RSVP’d for the dinner have liquidated their TRUMP positions since their reservations were secured on Monday.Of the 220 attendees, around 100 have significantly reduced their TRUMP stashes, indicating a trend among participants to cash out.
That’s exactly what famed investor Woo noticed happened here and made a dizzying profit for it. Still, according to reports, they made $2.5 million off their TRUMP investments. Woo moved their coins to the crypto exchange Binance on Wednesday. This sale is particularly alarming because it signals that they plan to sell and realize their investment gains. The top 25 VIPs for the event each held an average of just over 325,000 TRUMP coins. That astounding sum is the equivalent of more than $4.2 million.
And the promise of an exclusive hard hat tour and pre-dinner reception for the highest tier of investors has worked to create a little FOMO. Of this exclusive club, 17 of the initial 25 VIPs have now chosen to cash out their TRUMP coin investments. Their move underscores an important change in investor sentiment. Our event organizers made a big push for attendees to leave their coins at home. To set it apart, they highlighted that the experience will be “intimate and exclusive.”
“The market will expect further utility to come from holding that coin.” – Nathan van der Heyden
As the ownership of the TRUMP coin continues to change hands, the story behind the coin and its related event remains a developing story. As Friday approached, more than a few investors obviously decided to go for short-term returns. They chose not to take the risk and wait for possible long-term gains.
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