What Happened?
Trump held a meme coin dinner in Washington, where participants and registrants received limited edition Solana NFTs, sparking market speculation and discussion.
The three types of NFTs were distributed based on loyalty levels. Although they lack practical utility, they set a transaction record of up to $16,000 on Magic Eden.
The event triggered political controversy and protests. While the $TRUMP coin still holds some value, it experienced a significant decline, raising doubts about its future value in the market.
Trump Dinner Commemorative NFT Sold for $16,000
Last month, Trump hosted a dinner at the Washington National Golf Club, limited to 220 holders of the Trump meme coin ($TRUMP). Guests who attended, as well as registrants who did not show up, received limited edition Solana NFTs, igniting a wave of speculation in the secondary market.
According to official statements, this NFT is a tribute and commemoration of “crypto presidential supporters,” divided into three tiers based on user participation and loyalty. The “Power to the Holders” NFT consists of 1,049 pieces, awarded to those who registered but did not make it into the top 220. The “Gold Gala Dinner” NFT has 219 pieces, given to guests who actually attended the dinner. The rarest version, “Diamond Hands,” has only 118 pieces, awarded to users who did not sell their tokens during the event.
Reports indicate that these NFTs have no actual function and do not offer membership benefits or governance rights, but their rarity and topicality have sparked trading excitement. On the Solana ecosystem’s NFT trading platform Magic Eden, the floor prices for the three NFTs are approximately 7.6 SOL (about $1,200), 48.15 SOL (about $7,700), and 101.7 SOL (about $16,475), respectively.
One Diamond Hands NFT was sold shortly after its release for 99.9 SOL, with a transaction price of about $16,000, making it the only successfully traded NFT in the series.
YUGE NFT drop from@GetTrumpMemes:
- Diamond Hands NFTs for those who held their $TRUMP from the end of the contest until the Gala
- Gala Dinner NFT given to all those who won the contest, ending up in the top 220 holders
- NFT given to all participants in the contest
Now it’s…
Meme Coin $TRUMP Underperforms Expectations
This dinner became a focal point in both political and crypto circles last month. According to foreign media reports, both outside and inside the venue were lively, with over 100 protesters gathering to shout “End Crypto Corruption.” Some Democratic figures in the U.S. even warned that the event could become a backdoor for foreign powers to gain political influence through cryptocurrency.
Despite the controversies, the event proceeded as planned. Trump himself made a brief appearance for an hour, but some participants expressed disappointment at not being able to interact with Trump one-on-one, even criticizing the main course steak as “cheap quality.”
Furthermore, many attendees resorted to tricks to “piggyback” on the event. Morten Christensen, founder of the airdrop website AirdropAlert, stated that he purchased a large amount of $TRUMP tokens in the spot market to meet the dinner threshold and shorted the same amount on other platforms to reduce price volatility risk.
Ultimately, he cleared his tokens before the dinner, thus missing out on the Diamond Hands version NFT and only receiving the first two tiers, forgoing a potential profit of $16,000.
However, even though this series of NFTs sold for good prices, the meme coin $TRUMP itself underperformed expectations. According to data, since hitting a peak of $75.35 on January 19 of this year, $TRUMP has plummeted over 84.6%, though it currently holds a market cap of around $2.3 billion, making it the fourth largest meme coin globally.
On the day of the NFT airdrop, the token only rose by 2.61%. This reaction also indicates that while the market remains interested in Trump’s personal brand, there may be skepticism regarding the token’s value and future prospects.
Source: Decrypt, CryptoNews