Following the announcement of the luncheon on March 12th, the TRUMP Token surged over 50% to a peak of $4.35; however, the price has since fallen over 33% to $2.80 as of Monday.
Crypto "whales" continue to accumulate TRUMP memecoin ahead of the luncheon held at President Donald Trump's Mar-a-Lago resort in Florida this month, an event reserved for the largest Token holders.
A "whale" withdrew approximately 105,754 TRUMP from Binance on Saturday, adding to its holdings of 1.13 million TRUMP, worth about $3.2 million, according to a blog post on Sunday by blockchain analytics firm Lookonchain.
Two days earlier, another "whale" had withdrawn 850,488 TRUMP from the Bybit exchange.
By Monday, another holder had increased their holdings to over 368,000 Token after withdrawing from BitMart, while a fourth “whale” increased its holdings to over one million Token after withdrawing from Bybit, according to data from blockchain explorer Solscan.
Critics accuse Trump of exploiting his position as President of the United States for personal gain through this scheme. Democratic lawmakers have also proposed bills aimed at limiting the political influence and profits from memecoin.
The 297 wealthiest holder were invited to a luncheon on April 25th at Mar-a-Lago. The event promoted the President as the keynote speaker and also included a private reception for the 29 wealthiest holder , despite coinciding with a White House Correspondents Association dinner in Washington, D.C.
Trump's value has dropped 33% since the March announcement.
The announcement of the luncheon in March caused TRUMP to surge more than 50% to a peak of $4.35. However, the memecoin subsequently dropped more than 33% to $2.80 as of Monday, according to data from CoinGecko.
Dominick John, an analyst at Zeus Research, said prices may be being dragged down by selling pressure from retail investors amid thin liquidation , forcing the market to constantly correct prices.
"At the same time, the supply from within remains substantial, meaning that even if large wallets distribute only a small portion, they can absorb the buying power from whales, limiting the potential for a significant price increase," he added.
According to data analytics platform CoinCarp, there are 642,882 holders of TRUMP, with over 91% of the supply concentrated in the top 10 wallets and over 97% in the top 100 wallets.
The Token surged after last year's crypto gala announcement.
Trump held his first "crypto gala" in May 2025, a few months after his inauguration on January 20, which also drew criticism for allegedly using his position for personal gain.
This Token peaked at $15.59 about a month before the event, but then gradually declined as the event approached, falling to $8.90 a month after it ended.
Dominick John believes the Token could recover this time, as the 2026 midterm elections could Vai as a psychological catalyst, along with other positive announcements. Triggering factors and signs of institutional accumulation could help establish a Dip and create upward momentum.
“One factor to watch is the potential for event-related merchandise, such as the Trump Billionaire Game, to generate enough media buzz to fuel short-term gains,” John added.
