The price of the Trump Coin (TRUMP) soared Thursday following a general market recovery that saw Bitcoin and other cryptocurrencies rally, while also coinciding with an anticipated exclusive dinner hosted by President Trump. The TRUMP token climbed to $12.45 – its highest point since May 3rd – a jump of 72% from its April low. This fueled a market cap exceeding $2.46 billion. The surge aligns with Bitcoin (BTC) hitting the $100,000 milestone and a 2% increase in the overall crypto market cap to reach $3.2 trillion. 200 of the top TRUMP token holders are expected to attend the event, with the largest 25 receiving exclusive VIP access tours. The event has sparked controversy from Democrats and ethics watchdogs, who accuse Trump of capitalizing on his presidency, while others have pledged impeachment if they gain control of Congress in the midterms. However, one key concern is that a large portion of top TRUMP holders are foreign nationals, using exchanges not permitted in the US like Binance, OKX, and Bybit according to Bloomberg’s study, which indicates 56% of those at the top are foreigners. This event also fuels speculation about the coin’s future, with investors eagerly buying hoping to join the exclusive gathering and possibly meeting the president. The price could continue rising before the dinner, but risks exist too. For example, Trump’s history of postponing major decisions like tariffs and the TikTok ban, may lead to a postponement of this event. Other factors include potential panic selling from investors who miss the invitation or those who sell after the event, known as buying the rumor and selling the news. This is evident in the recent surge, where price has been bolstered by anticipation surrounding the dinner before it occurs, but it also brings uncertainty about how the event will impact the coin’s performance. The eight-hour chart shows a strong upward trend after a low point of $7.13 in April, a sharp rise to $16.41 on April 26th and a subsequent pull back to $10.30 before resuming its climb. Currently the coin is above its 25-period moving average and has broken out of a falling wedge pattern, signaling potential for retesting of $16.41 level, and possibly forming a double top followed by a retracement in days leading up to the dinner.