TRUMP meme coin claws back gains as top holders notified of dinner with President Trump

• TRUMP meme coin slides after a sentiment-driven rally, reflecting widespread profit-taking.

• The top 220 TRUMP holders on the leaderboard received May 22 dinner notifications ahead of background checks.

• TRUMP meme coin competition ends with participants receiving TRUMP NFTs.

• TRUMP meme coin could uphold confluence support at $12.11, established by the 12-hour 50- and 100 EMAs.

TRUMP meme coin has slashed gains to hover at $12.51 at the time of writing on Tuesday. The broad-based bearish wave has seen Bitcoin (BTC) retrace below $101,000,  reflecting potential profit-taking after almost a week of persistent gains. Meanwhile, the top 220 holders on the leaderboard have been notified of the exclusive dinner with United States (US) President Donald Trump.

Top 220 TRUMP meme coin holders receive dinner invitations 

The TRUMP meme coin team announced on Monday that they had notified the top 220 holders with details of the exclusive dinner with President Trump on May 22. According to the post on X, "there will be background checks that need to be completed," before the final list of attendees is released. The dinner will take place at Trump National Golf Club in Washington, D.C.

A more exclusive invite will be extended to the top 25 holders who will receive a special White House dinner and TRUMP NFTs.

The TRUMP meme coin team also notified the community that everybody who registered for the leaderboard will receive "exclusive NFTs."

"There will also be unique NFTs for only the top 220 holders of the TRUMP MEME COIN! These will be in your wallet shortly after the Gala Dinner," the team said in an X post.

Additional perks will be extended to holders with the same amount of TRUMP tokens at the dinner as on the final leaderboard. This holder cohort will receive "a TRUMP DIAMOND HAND limited edition TRUMP SOLANA NFT."

The TRUMP meme coin team added that it officially launched the "TRUMP REWARDS POINTS PROGRAM," urging holders to connect their wallets and earn.

TRUMP meme coin exploded after the dinner announcement in April, accelerating recovery from the tariff-triggered crash. The token's on-chain activity soared, mirroring renewed investor interest in the meme coin.

TRUMP meme coin slides, testing key support level

The Official Trump meme coin's uptrend from the previous week's support at $10.00 hit a roadblock, reflecting immense liquidity at the 12-hour 200 Exponential Moving Average (EMA), currently at $14.72.

The larger cryptocurrency market also retreated following a major risk-on sentiment-initiated rally as investors digested the impact of trade talks between the US and China.

TRUMP's price currently hovers at $12.51, while testing a confluence support around $12.11, established by the 50- and 100 EMAs as illustrated on the daily chart.

The Relative Strength Index (RSI) indicator's downward trend at 48.30 signals an intensifying bearish momentum likely to accelerate the retracement below the confluence support.

TRUMP/USDT 12-hour chart 

For now, traders would focus on the ability of the confluence support area at $12.11 to absorb the selling pressure. However, if TRUMP's declines overshadow the support, the next tentative level at $10.00 could be tested. 

On the other hand, traders should temper bearish projections, especially with the exclusive dinner with President Trump approaching. Interest in the meme coin could surge, creating demand and igniting a larger-than-expected rally.