What Happened?
Donald Trump will hold a private dinner at a golf club in May, exclusively for the top 220 holders of the $TRUMP meme coin. The top 25 holders will also have the opportunity to attend a private reception with Trump.
Following the announcement of the dinner, the price of $TRUMP surged by over 60%, reaching a peak of $14.02. However, the coin’s value has dropped from a market capitalization of nearly $15 billion to approximately $2.8 billion, highlighting the extreme volatility of this meme coin.
The Trump family’s cryptocurrency ventures have generated $350 million in revenue, but critics question the potential ethical implications these ventures may have on Trump’s public office.
Trump Hosts Private Dinner for Meme Coin Holders
Former U.S. President Donald Trump recently announced a “private dinner” set to take place on May 22, exclusively for the top 220 holders of the “$TRUMP” meme coin. According to an announcement on the “GetTrumpMemes” official website, the dinner will be held at the Trump National Golf Club near Washington, where attendees will hear firsthand updates from Trump regarding the future of cryptocurrency. Holders wishing to attend the event must register on the website, and a leaderboard updated hourly will rank participants based on the number of meme coins they hold.
In addition to the 220 holders who can attend the dinner, the top 25 holders of $TRUMP will also be able to participate in a private reception with Trump before the dinner and receive an exclusive tour of the White House.
The announcement of this plan has sparked considerable criticism. Craig Holman, a lobbyist for the nonprofit consumer advocacy group Public Citizen, stated, “This is a clear case of buying presidential influence with money, without any doubt.” He even admitted he has never seen a president so obsessed with money.
In addition to Holman, Democratic Senator Chris Murphy also criticized, stating, “This is not just typical behavior for Trump. The Trump coin scam is one of the most brazenly corrupt acts ever committed by a president.”
Trump’s Cryptocurrency Ventures Under Scrutiny
The price of $TRUMP surged over 60% on the day the event was announced, reaching $14.02. The coin had previously achieved a market capitalization of nearly $15 billion before Trump’s presidency, but subsequently saw its value plummet, shrinking to around $2.8 billion. According to foreign media analysis, this spike in price is due to investors hoping to increase their coin holdings and thus their chances of attending the dinner.
While the price of $TRUMP remains volatile, data from cryptocurrency analytics firm Chainalysis indicates that businesses related to this meme coin have generated at least $350 million in revenue for the Trump family.
In addition to cryptocurrency, the Trump family is actively entering the NFT (non-fungible token) space, launching digital products related to Trump. Beyond financial benefits, this also allows Trump to claim he is “America’s first crypto president,” successfully establishing a strong connection between himself and the cryptocurrency industry.
However, critics point out that Trump’s cryptocurrency-related ventures may place him in a moral gray area in his public position, especially concerning elections, policy-making, and the use of government resources. Although Trump and his team emphasize that his assets are managed in a trust, these emerging cryptocurrency businesses continue to provoke significant ethical controversy.
Source: Bloomberg, Reuters