Donald Trump to Host Dinner for Top Memecoin Holders

Some of the largest holders of Donald Trump’s memecoin may soon step into the spotlight by attending a dinner that the US President plans to host on May 22.

As of April 23, the official Trump memecoin (TRUMP) website was offering the “top 220” holders the chance to meet the president in person at his golf club in Washington, DC.

Although the guest list had not been finalized at the time of publication, the project specified that anyone applying to attend must pass a background check, “can not be from a [Know Your Customer] watchlist country,” and would not be allowed to bring additional guests.

The memecoin, launched by Trump on January 17 before his inauguration, has faced heavy criticism from both the crypto community and lawmakers.

Concerns have centered on the possibility that foreign officials and interest groups could funnel money directly to the US President without appropriate transparency or oversight.

The project’s team controls 80% of the total token supply, while the identities of many of the top holders remain unknown.

The price of the TRUMP memecoin surged approximately 52%, rising from $9.30 to $14.20 shortly after the dinner announcement.

Following its launch on January 17, the token’s market capitalization reached around $15 billion before plunging by more than 50% by January 20.

Trump’s wife, Melania, launched her own MELANIA memecoin on January 19.

Although it initially followed a similar price pattern to TRUMP, by April 23, it had declined more than 90% from its all-time high of $13.73.

Blockchain data revealed that in April, the team behind the project moved roughly $30 million from the token’s community funds.

During his first presidency in 2019, Trump had declared that he was “not a fan” of cryptocurrencies such as Bitcoin, later likening Bitcoin to a “scam.”

However, his stance appeared to shift in his subsequent presidential campaign, as he launched a collection of non-fungible tokens (NFTs), accepted crypto donations, and participated in crypto-focused events and conferences.

Before the 2024 election, Trump held a similar dinner event in Florida for supporters who had purchased his “mugshot” NFTs — featuring an image of him taken during his surrender to authorities in Georgia in connection with efforts to overturn the 2020 election.

It remains unclear whether any of the attendees from the May 2024 event are among the top holders of the TRUMP memecoin.

Sources:

https://cointelegraph.com/news/donald-trump-memecoin-holders-dinner

https://www.cbsnews.com/news/trump-coin-dinner-with-president-meme-coin-price/