Some of the top holders of Donald Trump’s memecoin could come out of the shadows to appear for a dinner the US President is planning to host on May 22.
As of April 23, the official Trump memecoin (TRUMP) website offered the opportunity for the “top 220” holders to meet the president in person at his golf club in Washington, DC. At the time of publication, the guest list for the event was unclear, but the project stated any tokenholder who applied had to pass a background check, “can not be from a [Know Your Customer] watchlist country,” and could not have any additional guests.
The memecoin, which the then-president-elect launched on Jan. 17 before taking office, has been heavily criticized by the crypto industry and lawmakers for potentially allowing foreign officials and interest groups to send money directly to the US President without proper disclosure and oversight. The team behind the project controls 80% of the total supply, while the identities of many of the other top tokenholders are mainly unknown.
The price of the TRUMP memecoin surged roughly 52% from $9.30 to $14.20 shortly after the dinner announcement. After the token launched on Jan. 17, the project’s market capitalization increased to roughly $15 billion before dropping more than 50% by Jan. 20.
Related: US lawmaker says TRUMP coin could risk national security
Trump’s wife released her MELANIA memecoin on Jan. 19. The token followed similar price movement to TRUMP’s, but, as of April 23, it had fallen by more than 90% from its all-time high price of $13.73. Blockchain data showed the project’s team moved roughly $30 million of the token’s community funds in April.
Campaigning on crypto
During his first term in 2019, Trump said he was “not a fan” of cryptocurrencies like Bitcoin (BTC), later comparing the coin to a “scam.” However, he appeared to shift campaign strategies when running for office again: releasing his own line of non-fungible tokens, accepting crypto donations, and appearing at crypto-themed events and conferences.
Before the 2024 election, Trump arranged a similar dinner in Florida with supporters who purchased his “mugshot” NFTs — featuring a picture of the then-candidate at his surrender to authorities in Georgia related to attempts to overturn the 2020 election. It’s unclear whether any of the same individuals who attended the May 2024 event are among the top memecoin holders.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
