Investors poured almost $2 billion into a new memecoin linked to US President Donald Trump. They did it in a rush to secure one of the 220 spots at a private dinner on May 22 at his Virginia golf club. But as soon as the cutoff hit, some big holders began selling off. That move left observers wondering whether the dinner was worth the cost.
Investors Racing For Invitations
According to blockchain data, about 34 of the top 220 token holders had dumped most of their stakes by Monday evening, just hours after the window to qualify closed. They had hoped owning TRUMP coin would guarantee them a seat at the table. Many seemed to think twice once the deadline passed.
Sudden Sell-Off After Cutoff
Based on reports from crypto tracker Inca Digital, the token’s price plunged right after the cutoff on May 12 before clawing back to finish Tuesday up nearly 9%. Prices can swing hard when demand drops. You buy high to secure the prize, then you sell before the next fall. It’s a risky move, but that’s how memecoin markets often behave.
Total crypto market cap at $3.31 trillion on the 24-hour chart: TradingView.com
Ethics And Regulation Questions
The idea of paying with a memecoin to meet a president has generated plenty of heat. Democrats, ethics experts and crypto lobbyists have warned that corporate backers or foreign players could buy influence. They point out that memecoins sit outside the SEC’s reach because they’re framed as collectibles. That puts them in a murky spot when politics and money mix.
Image: Timothy A. Clary/AFP via Getty Images; Kanchanara/Unsplash
Trading Fees Fuel Profits
The Trump Organization and its partners aren’t just standing by. According to Chainalysis, they’ve taken in more than $320 million in trading fees since launch. Over $1 million of that came after the dinner invitation was announced. On April 23, investors snapped up roughly $1.7 billion worth of tokens. Fees add up fast when volumes spike.
Somebody appears to have registered an HTX Cold Wallet for the Donald Trump dinner.
HTX holds $14.6M TRUMP in this wallet, making it the largest wallet registered for the dinner.
Address: 8NBEbxLknGv5aRYefFrW2qFXoDZyi9fSHJNiJRvEcMBE pic.twitter.com/etX8uImNCz
— Arkham (@arkham) April 24, 2025
Top 220 TRUMP holders to dine with Trump.
Who’s At The Top
A leaderboard on the TRUMP site shows an account named “Sun” as the biggest holder. That wallet has been traced to HTX, the offshore exchange advised by crypto billionaire Justin Sun. More than half of the top holders appear to be overseas. Even usernames, like one investor called “noah” at No. 25, can’t hide real-world ties.
The First $TRUMP Competition is officially over! Details and what’s next for $TRUMP Below:
If you were in the top 220 on the leaderboard, check the email you signed up with for details on the Dinner with President Trump as soon as possible. There will be background checks that…
— TrumpMeme (@GetTrumpMemes) May 12, 2025
Corporate Moves And The Road Ahead
One public company, Freight Technologies of Houston, said it plans to buy $20 million in tokens. Its CFO pointed out they’re not after dinner invites. The move is part of a “digital asset strategy,” the CEO said, to push for fair trade between Mexico and the US.
Meanwhile, the memecoin team is rolling out crypto collectibles and a rewards points program for top holders. They’ve teased more promos soon. It looks like this is only the start of the TRUMP experiment.
Featured image from The Etiquette Consultant, chart from TradingView
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