Trump’s meme coin, which had fizzled in value, surges after offer of dinner with the president
President Trump’s meme coin has experienced a significant boost in value after announcing a special dinner event for the top 220 holders of the digital token. The offer, which was posted on the $TRUMP meme coin website and X account, led to a surge in the coin’s value by as much as 58% to $14.32 on Wednesday afternoon. This increase partially reversed the coin’s decline from its peak of $75.35 on January 19, just before Mr. Trump’s inauguration.
The dinner invitation promises investors the opportunity to hear directly from President Trump about the future of cryptocurrency. As someone who has expressed a desire to make the U.S. a leading hub for digital currency, Mr. Trump has also ventured into the world of digital products, including NFTs and a cryptocurrency platform called World Liberty Financial.
According to the Trump coin site, CIC Digital LLC and Fight Fight Fight LLC, both affiliates of The Trump Organization, collectively own 80% of the meme coins. Fight Fight Fight is a Delaware LLC, as reported by the Wall Street Journal. The White House and The Trump Organization have not yet responded to requests for comments regarding the promotion.
The dinner event with Mr. Trump will be exclusively offered to the top holders of $TRUMP meme coins. The top 25 holders will receive a bonus of an “Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT.” The website promoting the event emphasizes that the competition for the dinner invitations is fierce, with the leaderboard updating hourly based on the average holdings of $TRUMP owners.
Criticism of the dinner offer quickly followed, with lawmakers and anti-corruption groups expressing concerns about the promotion. Senator Chris Murphy condemned the offer as “the most brazenly corrupt thing a President has ever done,” while Tony Carrk of Accountable.US described it as an attempt by Mr. Trump to profit from selling access to himself.
Meme coins, such as $TRUMP and $MELANIA, have gained popularity despite having no intrinsic value. The $MELANIA coin, introduced by Melania Trump alongside the $TRUMP coin, has also experienced a significant drop in value since its launch. The dinner event is scheduled to take place on May 22 at the Trump National Golf Club in Washington, D.C.
In conclusion, the dinner invitation offered to the top holders of $TRUMP meme coins has sparked both excitement and criticism. As the cryptocurrency market continues to evolve, events like these raise questions about the intersection of celebrity, finance, and governance.
