Trump Token Soars 85% as Impeachment Threat Looms Over Memecoin Dinner

The rally was largely driven by a highly publicized announcement: the top 220 holders of the TRUMP token will be invited to an exclusive gala dinner with President Trump, set to take place on May 22 at his Washington, D.C., golf club. According to promotional material circulated by the Trump campaign, the top 25 holders will enjoy an even more intimate VIP reception along with a private tour of the White House.

While the announcement electrified TRUMP token investors and sent the memecoin skyrocketing, it triggered a political firestorm. Senator Jon Ossoff (D-Ga.) condemned the initiative, calling it a blatant example of "selling access to the presidency" and arguing that it could form the basis for a new impeachment case. "The idea that large token holders can effectively buy influence with the President by purchasing a memecoin is not just unethical—it's potentially criminal," Ossoff said, as reported by NBC News.

The controversy escalated further when the TRUMP token underwent a massive unlock of 40 million tokens, worth approximately $320 million at market prices. These tokens, previously locked and controlled by insiders and affiliated entities, were suddenly made available for trading, raising concerns about market dumping and insider profiteering. Despite this significant supply shock, the price of the TRUMP token continued to surge, defying typical market dynamics.

Analysts believe that the rally was powered by a combination of retail enthusiasm, political tribalism, and limited immediate selling from insider wallets. Blockchain data indicated that most of the unlocked tokens were not immediately dumped onto the market, easing some investor fears. Additionally, Trump's direct involvement in the token's promotion added a layer of perceived legitimacy that kept speculative buyers engaged.

However, watchdog groups and political opponents remain deeply concerned. According to an article by The Wall Street Journal, entities tied to the Trump family and its associates reportedly control around 80% of the TRUMP token's total supply. This concentration of ownership has fueled allegations that the President and his inner circle are using the memecoin not only as a political tool but also as a lucrative financial vehicle.

Despite the political backlash, TRUMP's success in the crypto markets is undeniable. The token's market capitalization has swelled to nearly $2.6 billion, making it the 37th largest cryptocurrency globally. Trading volumes surged across platforms like Uniswap, Binance, and Kraken, with speculative traders scrambling to buy into the hype ahead of the May 22 gala.

Crypto commentators note that the TRUMP token’s rise is part of a broader resurgence in politically themed memecoins, including projects linked to figures like Elon Musk and Robert F. Kennedy Jr. Nevertheless, Trump's direct entanglement in the financial ecosystem surrounding his name and presidency sets a new, controversial precedent.

With the gala event just weeks away, the TRUMP token's momentum shows no signs of slowing. Whether it will sustain its gains or collapse under regulatory scrutiny remains an open question. For now, the memecoin continues to symbolize the volatile intersection of politics, crypto speculation, and celebrity branding in the Trump era.

As Democrats intensify their calls for oversight and possible impeachment proceedings, and as the Securities and Exchange Commission reportedly monitors the situation closely, the political and financial stakes for Trump and for the broader crypto industry have never been higher.