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President Trump’s meme coin, which witnessed a significant decline of 88% from its peak value, received renewed interest on Wednesday following an announcement inviting the top 220 holders of the digital currency to an exclusive dinner with the former president.
The invitation, posted on the $TRUMP meme coin website and shared on its X account, led to a remarkable surge in the coin’s value, climbing as much as 58% to reach $14.32. Despite this uptick, the current price still fails to recover the substantial drop from its all-time high of $75.35, achieved just before Trump’s inauguration on January 19.
The dinner promises attendees the chance to hear directly from Trump about the future of cryptocurrency. With aspirations to make the U.S. a leading hub for digital currency, Trump has previously engaged in various ventures related to crypto, including the launch of NFTs known as “Trump digital trading cards,” as well as a cryptocurrency platform called World Liberty Financial.
Ownership of the meme coin is largely concentrated, with CIC Digital LLC, a subsidiary of The Trump Organization, and Fight Fight Fight LLC collectively holding 80% of the token. Information from the coin’s website indicates that Fight Fight Fight is a Delaware-based LLC, as reported by the Wall Street Journal.
As of now, neither the White House nor the Trump Organization has made a statement concerning the promotional dinner.
According to the website, only those who own the most $TRUMP meme coins will receive invites to the dinner. The top 25 holders will additionally gain access to an “Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!”
To increase engagement, the website claims that its leaderboard is updated in real time. It emphasizes that the amount of $TRUMP tokens held by individuals plays a crucial role in determining their standing. “The competition is fierce. Own $TRUMP — or watch from the sidelines,” it states.
The leaderboard rankings will be calculated based on the average holdings of $TRUMP owners from April 23 to May 12, implying that both the quantity of tokens and the duration of ownership will influence an individual’s ranking.
The scheduled dinner event is set to take place on May 22 at the Trump National Golf Club in Washington, D.C., according to the site.
Criticism Follows the Promotion
Meme coins, which often lack tangible economic value, are associated with celebrities or popular internet trends—an example being Dogecoin, named after the viral image of a Shiba Inu dog. The term has even influenced names in government, such as Elon Musk’s recent naming of a federal cost-cutting initiative after the token.
Notably, both Trump and his wife, Melania, launched their respective meme coins shortly before his inauguration. However, both have seen significant decreases in value since their introduction, with the $MELANIA meme coin currently trading at roughly 49 cents, compared to its peak of $13.76 on January 20.
The promotional dinner has attracted criticism from various lawmakers and anti-corruption advocate organizations. Senator Chris Murphy, a Democrat from Connecticut, expressed his disapproval on social media, dubbing the initiative “the most brazenly corrupt thing a President has ever done.”
Tony Carrk, who is the U.S. executive director at Accountable.US—a nonpartisan group focused on ethics in government and business—also condemned the offer, stating that Mr. Trump is “openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank.”
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www.cbsnews.com