Smaller owners of the Donald Trump memecoin appeared to be leading the spike in token transfers seen after the issuers of the cryptocurrency announced that the top holders will dine with the president.
Nearly 10,000 digital wallets transferred Trump coin when the the dinner was announced Wednesday, up 200% from the previous day, according to crypto researcher Kaiko’s analysis of blockchain data. Wallets containing less than $100,000 worth of Trump coins dominated the activity.
“This Trump memecoin is really retail driven, it’s kind of wallstreetbets of crypto,” said Adam Morgan McCarthy, a research analyst at Kaiko. “I don’t think anyone ...
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