After U.S. President Donald Trump announced plans to host a dinner with the top 220 holders of his self-issued 'meme coin' $TRUMP, the value of $TRUMP soared by 76%. This move has sparked strong criticism, with many accusing President Trump of using his presidential power for personal gain.

The Trump family launched the meme coin $TRUMP three days before President Trump's inauguration. Meme coins are speculative cryptocurrencies created for entertainment purposes, reflecting online trends, jokes, or popular figures. Their price fluctuates based on hype rather than intrinsic value. Immediately after its launch, sales surged, and President Trump quickly joined the ranks of crypto billionaires.

On April 23, the $TRUMP promotional website announced, "The top 220 purchasers of $TRUMP will be invited to a private dinner at President Trump's golf course in Virginia." Additionally, it stated that among these, the top 25 holders would also be able to attend a welcome event with President Trump and participate in a White House VIP tour before the dinner.

The promotional message included phrases such as "Have dinner with President Trump and the $TRUMP community!" and "Let the President know how much $TRUMP you hold!" Sensational phrases like "exclusive invitation" and "intimate private dinner" were also featured. The website is currently 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

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Following the announcement, $TRUMP surged by more than 76% in a short period. It appears that investors rushed to purchase coins in hopes of securing a dinner spot. As a newly launched coin in January, the price of $TRUMP jumped about 76% immediately after the announcement, though it has since given up some of those gains.

The $TRUMP coin is heavily owned by companies controlled by President Trump, meaning that as the price of $TRUMP rises, President Trump stands to benefit. In addition, the issuing company earns fees as trading volume increases. Since $TRUMP's launch in January, the issuing company has already earned $100 million in fee revenue.

Regarding this, The New York Times (NYT) pointed out, "Businesses associated with President Trump hold a significant amount of $TRUMP coins," adding, "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 Joe Biden administration, told the NYT, "It's truly unbelievable," and criticized, "This is a blatant example of a 'pay-to-play' scheme. It institutionalizes paying money to meet those in power."