The launch of the $TRUMP meme coin has garnered a whirlwind of attention, particularly as the event offering a dinner with former U.S. President Donald Trump gets closer.
Buyers of the coin are awaiting confirmation on whether they have secured a place at a gala dinner with Trump on May 22, hosted at his country club near Washington, D.C.
The top 220 holders of the coin stand a chance to join this exclusive event, with the top 25 enjoying an even more intimate experience, including a VIP reception and private tour with the former president.
The $TRUMP coin, which initially surged to $75 after its announcement, has since seen its value fluctuate. As of Sunday, the coin traded at around $14, a far cry from its peak.
Crypto analytics firm Inca Digital estimates that the top 220 holders control a total of $160 million worth of the coin. The coin’s rise has drawn both interest and concern, with large sums pouring into the crypto market as the event approaches.
Again, one of the biggest holders of the coin is linked to HTX, a Seychelles-based crypto exchange, with nearly $18 million worth of $TRUMP tokens. This wallet is tied to Justin Sun, a well-known figure in the crypto world, who has ties to the exchange and has previously invested in Trump’s crypto ventures.
His involvement has only amplified the issue, leading to questions about foreign influence in U.S. politics. Sun himself declined to comment when Reuters asked.
While some buyers are eagerly awaiting their chance to dine with Trump, others have seen their investments diminish. A number of smaller investors have lost billions, with $3.87 billion in losses reported as of May 8.
However, the Trump family stands to benefit significantly, having earned over $320 million from the venture, including fees from the $TRUMP coin sales.
The event has also attracted the attention of lawmakers. Senators Richard Blumenthal and Elizabeth Warren have spoken about potential ethical violations, calling for a federal investigation into whether the event constitutes a pay-to-play scheme.
The bipartisan criticism has come from both sides of the aisle, with Democrats accusing Trump’s crypto endeavours of allowing foreign entities to gain undue influence over U.S. politics.
Concerns have also been raised regarding the impact of Trump’s growing crypto empire. The $TRUMP meme coin is just one of several ventures under the Trump family’s umbrella, which includes World Liberty Financial, a crypto exchange, and a stablecoin tied to the U.S. dollar, $1.
It has also been argued that the Trump family’s growing interest in cryptocurrencies could be a direct conflict of interest, especially given Trump’s past efforts to roll back crypto regulations.
With Trump’s crypto activities being questioned, his supporters argue that the investments are separate from his presidential duties, pointing to the trust set up to manage his assets.
However, the White House has yet to directly address the controversy surrounding the $TRUMP coin and its associated dinner event. Talks have been raised about the intersection of politics and emerging technologies, and if such ventures might change the space of political fundraising.
In the days leading up to the event, smaller investors like Kali, a 27-year-old from Hawaii, hope the price of the coin will rise enough for them to break even. She spent $10,000 on the coin, hoping to recover her investment by the event’s conclusion.
