The number of whale wallets holding more than 1 million TRUMP tokens associated with US President Donald Trump surged to a five-month high last week after Trump announced a luncheon for top holders at his home in Florida.
There are currently more than 1 million TRUMPs (worth $3.7 million) stored in 83 wallets, the highest value for a meme coin since October 8 of last year, Santiment said in an X post on Monday.
A luncheon with Trump is scheduled for April 25 at his Mar-a-Lago mansion in Florida, according to Trump’s team. The top 297 token holders will be invited, and the top 29 will be eligible to attend a private reception with the President, subject to passing a background check.
In the days following the luncheon announcement, TRUMP rose more than 50%, reaching a high of $4.35. As of Wednesday, TRUMP was trading at $3.71, up 27% over the past seven days.
Zeus Research analyst Dominic John told Cointelegraph that the Mar-a-Lago event, which provides access to the US president, is acting as a strong catalyst for accumulation.
Crypto data analysis platform CoinCarp lists 642,882 TRUMP holders, with over 91% of the supply concentrated in the top 10 wallets and over 97% concentrated in the top 100 wallets. At the first event for TRUMP token holders last year, Tron founder Justin Sun was the largest token holder.
John also pointed to other guests scheduled to speak and attend the luncheon, including Tether CEO Paolo Ardoino, as a potential factor for user interest.
“Momentum depends on the narrative-driven flow and the whale’s position,” he says.
“Tether’s Paolo Ardoino’s presence at this event signals a potential ecosystem announcement and is a real catalyst. His appearance could turn the gala into a progress showcase for the TRUMP token,” John added.
Trump’s popularity soars ahead of last year’s celebrations
Trump held his first “Crypto Gala” dinner in May 2025, a few months after he was inaugurated as US President on January 20th.
Targets were limited to the top 220 TRUMP token holders, and included crypto executives such as Hypertm CEO Sangrok Oh, as well as anonymous crypto traders such as Cryptoo Bear and sports stars such as NBA champion Lamar Odom.
A month prior to the event announcement on April 23, the token peaked at $15.59 on April 25, but from that point on, the token began a gradual decline. The price dropped to $14.51 on May 22nd, the day of the dinner, but gradually declined to $12.46 a week later and $8.90 a month later.
John said the coin is likely to follow a similar trajectory after the next luncheon concludes in April.
“Historically, Trump events have shown a phase of announcement hype followed by a gradual downward trend after the event. Unless new developments emerge regarding this event, this one will likely follow a similar trajectory.”
US lawmakers seek to limit meme coin profits from politicians
Last year, U.S. senators and former staff members protested outside the event, and Democratic lawmakers also introduced legislation to limit the political influence and profits from meme coins.
Related: SEC considers most crypto assets not to be securities under federal law
The Modern Remuneration Misconduct (MEME) Act was introduced in February 2025 to prevent federal employees from using their positions to profit from meme coins. It is currently in committee and has not been voted on in the House or Senate.
Meanwhile, the Stop Digital Asset Exploitation Act aims to make it illegal for federal employees to issue, promote, or sell digital assets such as meme coins. The similar Civil Service Income Limitation Act (COIN) has also made no progress since its introduction last year.
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