TRUMP, the memecoin tied to U.S. President Donald Trump, is up about 16% in the last 24 hours, even as Democratic lawmakers cite the president’s involvement with the token as potential grounds for impeachment and after a massive unlock earlier in the month.
At a town hall on Friday, Sen. Jon Ossoff (D-Ga.) pointed to the crypto project offering its top holders an invitation to a dinner event with President Trump, calling it a clear case of selling access to the presidency, NBC News reports.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense,” Ossify said.
U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) also sent a letter on April 25 to the U.S. Office of Government Ethics asking for an investigation to determine if President Trump violated federal ethics rules by inviting top investors.
Read more: Dinner With the U.S. President? All You Need Is $420 Worth of TRUMP
The allegations stem from an announcement that a private dinner will be held on May 22, where the top 220 TRUMP memecoin holders can meet with the U.S. President.
Still, the TRUMP token has kept on rising. The memecoin surged over 70% after the event was announced and has already been up 85% over the last seven days.
The rise came even after the token saw a massive $320 million unlock earlier this month, significantly inflating its circulating supply. In less than three months, TRUMP token is set to endure an additional unlock of 25.1% of its current circulating supply, at the time of writing, worth nearly $780 million.
Despite the recent rise, the token is still down more than 77% from its all-time high above $70, which it saw shortly after launch. Its subsequent price plunge led to an estimated $2 billion of investor losses.
Read more: TRUMP Token Pops 12% After U.S. President Calls It 'The Greatest of Them All'
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