Trump crypto soars as president offers dinner to top holders
The price of Donald Trump's cryptocurrency has soared after the US president promised to host two special events for its top investors.
The website for the $Trump meme coin says its 220 biggest holders will be invited to a private gala dinner with the president on 22 May, describing it as the "most EXCLUSIVE INVITATION in the world."
According to crypto trading platform Coinbase, $Trump jumped by more than 70% after the announcement. But it remains well below the record high of more than $74 (£42.40) reached shortly after its launch in January.
The digital currency is one of several crypto-related ventures launched by businesses linked to Trump, who has called himself the "crypto president".
As well as the gala dinner, which will be held at the Trump National Golf Club in Washington DC, there will be "an ultra-exclusive private VIP reception with the President" for the top 25 coin holders, the coin's website said.
Trump tokens in circulation are currently worth a total of around $2.5bn. They were first released just days before his inauguration on 20 January.
The move was criticised by several people in the crypto industry, with some calling it "a stunt".
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Bitcoin trimmed earlier losses in afternoon trading Monday, after joining the global market sell-off over the on tariff-fueled recession fears and dropping more than $10,000 over the weekend.
The price of bitcoin was last lower by more than 1% at $78,146.03, according to Coin Metrics. That was off its earlier low of $74,420.69, but down from a Friday high of nearly $85,000. It's sitting about 28% from its January peak. $BTC $ETH $BNB
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Binance Coin (BNB) Price: $916 Million Token Burn Fails to Boost Market Value
BNB Chain burned $916 million worth of tokens in its quarterly burn event, but the price barely moved despite the reduced supply.
BNB Chain burned 1.57 million tokens worth $916 million in its 31st quarterly token burn
Current circulating supply is 140 million BNB tokens, with a goal to reduce to 100 million
Despite the burn, BNB price barely moved, rising only 0.85% to around $583
BNB is trading below its December 2024 all-time high of $788.84
Technical analysis shows a symmetrical triangle pattern forming with potential for a breakout
BNB Chain completed its 31st quarterly token burn on April 16, incinerating 1.57 million BNB tokens valued at approximately $916 million. Despite this substantial reduction in circulating supply, the fifth-largest cryptocurrency by market capitalization saw minimal price movement in the immediate aftermath.
The token burn, announced by Binance co-founder Changpeng Zhao “CZ” on X (formerly Twitter), is part of BNB’s long-term strategy to reduce its total supply from the current 140 million tokens to an eventual goal of 100 million.
BNB’s price showed little reaction to the burn event, rising merely 0.85% following the transaction. At press time, BNB trades at around $583, still more than 25% below its all-time high of $788.84 reached on December 4, 2024.
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