What Happened?
Trump will hold a private dinner at a golf club in May, exclusively for the top 220 holders of the $TRUMP meme coin. Furthermore, the top 25 holders will also have the opportunity to attend a private reception with Trump.
Following the announcement of the dinner, the price of $TRUMP surged by over 60%, reaching a peak of $14.02. However, the coin’s value has plummeted from a previous market cap of nearly $15 billion to about $2.8 billion, indicating significant volatility of this meme coin.
The Trump family’s cryptocurrency ventures have generated $350 million in revenue, but critics question whether these endeavors may pose ethical implications for Trump’s public office.
Trump Holds “Private Dinner” for Meme Coin Holders
Former U.S. President Donald Trump recently announced that he will host a “private dinner” on May 22, exclusively for the top 220 holders of the “$TRUMP” meme coin. According to an announcement on the “GetTrumpMemes” official website, the dinner will take place at the Trump National Golf Club near Washington, D.C., where attendees will hear firsthand insights from Trump regarding the future of cryptocurrency. Those wishing to attend the event must register on the website, with an hourly-updated leaderboard ranking holders based on the quantity of meme coins they possess.
In addition to the 220 holders who can attend the dinner, the top 25 holders of $TRUMP will also have the chance to participate in a private reception with Trump prior to the dinner and receive an exclusive White House tour.
This announcement has sparked considerable criticism. Craig Holman, a government affairs lobbyist with the non-profit consumer advocacy organization “Public Citizen,” stated, “This is simply using money to buy presidential influence, without any doubt.” He even admitted he had never seen a president so enamored with money.
In addition to Holman, Democratic Senator Chris Murphy criticized, “This is not just typical behavior for Trump. The Trump coin scandal is one of the most blatant corrupt acts ever committed by a president.”
Trump’s Cryptocurrency Ventures Under Scrutiny
On the day the event was announced, the price of $TRUMP skyrocketed by over 60%, reaching $14.02. The coin had previously reached a market cap of nearly $15 billion before Trump’s presidency, but has since seen a decline, with its market cap shrinking to about $2.8 billion. Analysts suggest that this spike in coin price is due to investors hoping to increase their holdings to enhance their chances of attending the dinner.
Although the $TRUMP coin price remains unstable, data from cryptocurrency analysis firm Chainalysis indicates that the business related to this meme coin has generated at least $350 million in revenue for the Trump family.
In addition to cryptocurrency, the Trump family is also actively venturing into the NFT (non-fungible token) space, launching digital products related to Trump. This not only provides financial benefits but also enables Trump to claim the title of “America’s first crypto president,” successfully establishing a deep connection with the cryptocurrency industry.
However, critics argue that Trump’s cryptocurrency-related endeavors may place him in a moral gray area concerning his public office, especially regarding elections, policy-making, and the use of government resources. Although Trump and his team emphasize that his assets have been placed in a trust, these emerging cryptocurrency businesses continue to provoke intense ethical controversy.
Source: Bloomberg, Reuters