The Official Trump (TRUMP) memecoin surged up to 59% after large investors accumulated the token following the announcement of a second gala event for top holders at President Donald Trump’s Mar-a-Lago club. The price briefly climbed to around $4.40, its highest level in over a month, before pulling back to about $4.

On-chain data from Lookonchain and Arkham Intelligence shows that several newly created wallets withdrew roughly 2.54 million TRUMP tokens worth about $8.8 million from Binance, suggesting whales are driving the rally. One wallet alone withdrew about 2.2 million tokens and is already sitting on an unrealized profit of more than $2.3 million.

The buying surge came after the project launched a promotion offering invitations to an April 25 event at Mar-a-Lago. The top 297 holders during the qualification period from March 12 to April 10 will receive invitations, with the top 29 gaining access to a VIP reception with the president.

Despite the recent rally, TRUMP remains down about 94% from its peak near $74 shortly after its launch in early 2025.