"Who Wants to Have Dinner with the President?"... 'Trump Meme Coin' Soars 76% After One Remark

"Only the Top 220 Holders Can Attend":
$TRUMP Soars 76% After Event Announcement...
Controversy Over Using Power for Personal Gain

After U.S. President Donald Trump announced that he would hold a dinner with the top 220 holders of his self-issued meme coin, $TRUMP, the value of $TRUMP soared by 76%. This has sparked intense criticism that President Trump is using his presidential power to pursue personal gain.

Previously, the Trump family launched the meme coin $TRUMP three days before his inauguration. Meme coins are speculative cryptocurrencies created for entertainment purposes, such as jokes or references to popular figures, reflecting online trends. Their prices fluctuate based on hype rather than intrinsic value. Immediately after its launch, sales surged, and Trump even became a cryptocurrency billionaire.

On the 23rd, the $TRUMP promotional website announced, "The top 220 people who purchase the most $TRUMP will be invited to a private dinner at President Trump's Virginia golf club." Additionally, it stated that among these, the top 25 holders would also be able to attend a welcome event with President Trump before the dinner, as well as a VIP tour of the White House.

The promotional message includes phrases such as "Have dinner with President Trump and the $TRUMP community!" and "Let the President know how much $TRUMP you hold!" Provocative phrases like "exclusive invitation" and "intimate private dinner" were also included. The website is displaying a real-time leaderboard of the top 220 holders, further encouraging investors to buy more.

A promotional message for $Trump meme coin encouraging to seize the opportunity to have dinner with President Donald Trump. $Trump official website

Following the announcement, $TRUMP surged by more than 76% in a short period. It appears that investors rushed to purchase the coin to secure a spot at the dinner. The newly launched $TRUMP coin, which debuted in January, rose by about 76% immediately after the announcement before giving back some of its gains.

$TRUMP coins are largely held by Trump-owned companies, so any increase in the price of $TRUMP directly benefits Trump. Additionally, as trading volume increases, the issuing company earns more in transaction fees. Since $TRUMP was launched in January, the issuing company has earned as much as $100 million in fee revenue.

In this context, The New York Times pointed out, "Businesses associated with President Trump own a significant amount of $TRUMP coins," and noted, "Whenever the price of $TRUMP rises, at least on paper, the President personally profits." Cory Frayer, who oversaw cryptocurrency policy at the U.S. Securities and Exchange Commission (SEC) during the Biden administration, told The New York Times, "It's truly unbelievable," and criticized, "This blatantly exposes a 'pay-to-play' arrangement. It's essentially institutionalizing paying money to meet those in power."