$TRUMP meme coin buyers spent more than $140 million to get dinner invite with Trump, data shows
Investors have poured over $140 million into purchasing $TRUMP meme coins in hopes of scoring an exclusive dinner with former President Trump, as reported by data analytics firm Inca Digital. The digital currency saw a surge in value after announcing that the top 220 holders as of May 12 would be personally invited to dine with the president. This led to a 40% increase in the meme coin’s value, reversing a previous 88% decline.
Analysis conducted by Inca Digital revealed that top $TRUMP meme coin holders spent between $53,500 and $16.4 million to secure a coveted spot at the dinner with Mr. Trump. The largest holder identified was an account named Sun VIP, although the true identities of these holders remain anonymous due to the nature of digital wallets. Many of these purchases were made through international exchanges like Bybit and Gate.io, suggesting that the holders may not be based in the U.S.
Critics have raised concerns about the dinner contest, questioning the connection between purchasing a Trump-branded asset and gaining access to the president. Additionally, since the $TRUMP coin is partially owned by a Trump Organization affiliate, there are allegations that the president and his family could financially benefit from the meme coin purchases. The identities of the top 220 holders, who are set to dine with Mr. Trump, have not been disclosed by the @TRUMP meme coin site, prompting further scrutiny.
The dinner event is scheduled to take place on May 22 at the Trump National Golf Club in Washington, D.C. The top 25 holders will have the opportunity to attend a Private VIP Reception with President Trump and a Special VIP TOUR, according to the $TRUMP meme coin website. Despite inquiries, neither the White House nor the Trump Organization has provided immediate responses to these concerns.
Eric Trump, one of the former president’s sons, previously lauded the $TRUMP coin as “the hottest digital meme on earth.” The decentralized nature of cryptocurrency allows for the trading of $TRUMP meme coins on decentralized exchanges without the need for intermediaries. The creators of the meme coins generate revenue through transactional fees charged on trades made through the liquidity pool, where a portion of the coins are held.
In conclusion, the $TRUMP meme coin’s association with a dinner invitation to President Trump has sparked controversy and calls for transparency. The financial ties between the meme coin and the Trump Organization raise ethical questions about potential conflicts of interest. As the dinner event approaches, scrutiny over the cryptocurrency and its implications for access to political figures continues to grow.
