Winners of Trump’s meme coin contest potentially include foreign investors
The competition to secure tickets to an exclusive crypto dinner gala with President Donald Trump at his private golf club in Virginia on May 22 has come to an end. The top 220 holders of the Trump meme coin emerged as the winners, earning invitations to the black-tie event as announced by the coin’s official X account on Monday.
While the leaderboard showcasing the top 220 holders did not reveal their identities, it did list various wallets that some experts believe are linked to foreign individuals and entities. This has raised concerns about potential conflicts of interest given the Trump family’s business dealings and foreign connections.
The top 25 “VIP holders” were also granted invitations to an “Exclusive Reception before Dinner” and a “Special VIP Tour,” according to the meme coin’s website. The fluctuating price of the Trump meme coin over the past few weeks has seen a surge in interest from supporters and crypto enthusiasts, with some buying the coin to secure a spot at the gala while others are selling it to capitalize on the hype.
Following the conclusion of the competition, the price of the coin dropped rapidly to $12.59 by 4 p.m. ET on Monday. Initially, the coin’s price spiked by over 55% when the gala competition was announced last year, reaching a high of nearly $16.42, as reported by Coinbase.com.
While some fortunate investors have made substantial profits from the Trump coin, reports indicate that around 764,000 crypto wallets have incurred losses from their investments, with only 58 wallets making significant gains. The White House has not responded to requests for comments on the matter.
The top coin holder, known as “Sun,” holds approximately $16.6 million worth of the Trump meme coin and is associated with a foreign crypto exchange advised by Chinese billionaire Justin Sun. The second top holder, likely MemeCore from Singapore, has actively campaigned for more coin transfers to their wallet to secure a higher ranking on the leaderboard.
In total, the top 220 holders possess 13.7 million Trump coins valued at nearly $14 million. Notably, some holders in the leaderboard appeared to have sold off their holdings before the competition ended, possibly to maximize their profits.
The selection of the top 220 holders was based on “time-weighted holdings,” considering both the amount and duration of holdings between April 23 and May 12. Those with longer holding periods received higher weighted scores, as stated on the website.
It remains uncertain if the holders with zero Trump coins will receive invitations to the gala. The event promises to be an exclusive affair, with rewards points programs and the issuance of exclusive NFTs for the winners. The tour arrangements are handled by Fight Fight Fight LLC, with the president appearing as a guest at the event.
