Just-In: Chinese Firm Raises $300 Million to Buy TRUMP token and Bitcoin
Highlights
- Chinese-linked GDC is planning to invest $300 million in TRUMP token and BTC.
- The TRUMP token surged by more than 6% today following a steep correction yesterday.
- The token price has mostly fluctuated between $13 and $14 over the past one week.
Ahead of the much-anticipated Donald Trump’s crypto dinner, GD Culture Group (GDC), a Nasdaq-listed holding company with Chinese ties, has announced plans to invest a colossal $300 million in TRUMP token and Bitcoin.
Driven by this significant development, the memecoin price rebounded from its recent downtrend, surging by 6% in the last 24 hours. The recent investment news and the subsequent price surge have further boosted interest in the TRUMP coin ahead of the crypto dinner hosted by President Donald Trump.
GDC Investment Fuels TRUMP Price Surge
Earlier this month, the confirmation of an exclusive dinner with Donald Trump fueled a price rally for $TRUMP. Now, the news of Chinese-linked GDC investing in the token has also received a similar response. Reportedly, the company aims to build a long-term crypto reserve, signaling confidence in the future of cryptocurrencies and decentralized finance.
According to an official filing, GDC revealed that the investment will be financed through a stock purchase agreement with a British Virgin Islands-based investor, who has pledged to provide up to $300 million. Further, the firm asserted, “The Company plans to use proceeds from the offering, if any, to invest in Bitcoin and OFFICIAL TRUMP and for general corporate purposes.”
This development has significantly boosted the TRUMP coin price surge despite its recent correction. After being one of the top losers yesterday, the token has bounced back today, likely due to the GDC deal.
Trump Crypto Dinner Speculations Grow
Amid this TRUMP token investment, the anticipation surrounding the Trump crypto dinner is escalating. The crypto dinner, scheduled for May 22, will bring together the top 220 TRUMP coin holders for a private event with President Trump. With its remarkable performance, analysts anticipate the TRUMP memecoin’s highest rally yet, especially with the exclusive crypto dinner event approaching.
TRUMP Token Price Stalls In $13-$14 Range
Yesterday, the TRUMP token plummeted by almost 6% and reached a low of $12.22, only to bounce back today. Currently, the token is valued at $13.55, up 6.11%. Over the past week and month, the TRUMP coin has experienced notable upticks of 23.28% and 61.8%. The token has seen a high of $15.07 in the past week, with its price mostly fluctuating between $13 and $14. As CoinGape recently reported, the TRUMP memecoin is being adversely affected by mass sales following the cutoff for Trump’s crypto dinner.
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