Trump memecoin dinner prize sparked $2.4 billion in onchain transfers: Kaiko

Teasing that the top holders of President Donald Trump's memecoin could win a chance to attend a VIP dinner, or even meet America's commander in chief, led to a massive surge in trading activity, according to a new report from Kaiko.

"On Wednesday, April 23, the team behind the official TRUMP memecoin announced plans for an exclusive dinner for the top 220 holders, with the top 25 receiving a meet-and-greet with the sitting president," Kaiko said, noting that the announcement triggered $2.4 billion worth of onchain transfers for TRUMP and a 200% surge in onchain activity.

Kaiko said TRUMP's price jumped 60% on the day, rising from $9 to $14.50. The research firm also said it was "the busiest day of the month for the token" and "its highest daily trading volume on centralized exchanges since mid-February. "

Kaiko pointed out in its report that while Trump is challenging the narrative that memecoins have no value, the move has also been controversial. Both political rivals and ethics advocates have scrutinized the president for offering exclusive access to those who buy his memecoin.

The day following the announcement, someone with the username "Sun" appeared to register for the upcoming memecoin event, according to Arkham Intelligence. The movements raised suspicions that the address could be connected to Tron founder Justin Sun, who has been a notable supporter of Trump. 

Sun announced in November that Tron had invested $30 million in the Trump-linked DeFi project World Liberty Financial. World Liberty Financial then named Sun as an advisor . 

A few days ago, The Wall Street Journal cited Chainalysis when it reported that the memecoin had "generated hundreds of millions worth of cryptocurrency profits for entities affiliated with Trump."

While volumes have shrank in the wake of the announcement, Kaiko expects another spike to be around the corner.

"Volumes have since tapered off as the euphoria waned, similar to onchain activity. However, based on the website’s rules for the competition, we can expect to see more activity in the coming weeks," Kaiko said. "Increased activity is likely as the deadline approaches and holders move funds back onchain to qualify for the event."