Crypto whales are increasing on the TRUMP memecoin ahead of a luncheon at US President Donald Trump's Mar-a-Lago residence in Florida. The event, which offers entry to the top 297 token holders, has billed the president as the keynote speaker and offers a private reception for the top 29 holders. Critics have accused Trump of using his position as US president for personal financial gain through the scheme. The announcement of the luncheon in March saw a more than 50% increase in the price of the token, but it has since dropped by over 33% to trade at $2.80 as of Monday. Dominick John, an analyst at Zeus Research, suggested that the price is likely being pushed lower due to retail-driven market selling and an over-analysing of the underlying liquidity.