TRUMP rallies over 50% as Mar-a-Lago event drives whale activity

Whale activity around the Official Trump (TRUMP) token, which is tied to United States President Donald Trump, has hit a five-month high according to on-chain data.

According to Santiment, there are now 83 wallets that hold more than 1 million Official Trump (TRUMP) tokens. Collectively, these holdings amount to roughly $3.7 million worth of the tokens, marking the highest level recorded since Oct. 8 last year.

TRUMP has remained in a steady downtrend since the start of the year, but activity picked up pace after the project’s team announced a luncheon event at Trump’s Mar-a-Lago residence, where the U.S. president is expected to host top token holders.

Beyond the main event, those ranked among the top 297 holders are eligible to attend, while the top 29 wallets will qualify for a private reception with the president, subject to background checks.

Several figures across the crypto sector are expected to take part in the gathering, which appears to have driven the recent surge in interest around the token.

Additional data from CoinCarp shows that TRUMP has 642,882 holders, though concentration remains heavily skewed. Over 91% of the supply is held by the top 10 wallets, while roughly 97% sits with the top 100 wallets.

TRUMP started rallying from multi-month lows near $2.7, climbing more than 50% to reach a peak of $4.35. As of press time, the token is up over 26% in the past 7 days, though it remains down more than 95% from its all time high of $73.43.

For TRUMP holders, this pattern is not new. Last year, a similar gala-style event was announced, which saw the token rally sharply in the lead-up.

However, after the initial momentum faded, the token entered a prolonged downtrend, and unless market conditions change meaningfully, the latest event could follow a similar trajectory.

Regulatory concerns remain

While the upcoming event has generated renewed interest among crypto participants, it is also likely to draw scrutiny in Washington, where lawmakers have continued to question whether such initiatives present conflicts of interest.

Last year, Democratic Senator Jon Ossoff called for Trump’s impeachment over the memecoin dinner, while Senators Elizabeth Warren and Adam Schiff urged ethics officials to review the president’s involvement with the event.

Meanwhile, Representative Sam Liccardo introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act in February 2025, seeking to bar federal officials and their families from issuing or promoting digital assets.

Similar concerns could resurface this time around, as lawmakers have already raised questions over potential foreign influence and financial interests tied to Trump-linked crypto ventures.