President Trump’s team has turned a dinner invite into a cryptocurrency goldmine, with $TRUMP coin buyers pouring in tens of millions of dollars after the announcement. The offer of an exclusive dinner with Trump has raised ethical concerns and criticisms about potential corruption. Notably, the coin’s value surged over 30% since the news, enhancing crypto wallets tied to Trump’s ventures. However, some supporters lament special treatment for crypto investors over traditional backers.
In a surprising twist, the recent dinner invitation from Donald Trump’s team has sparked a crypto frenzy netting tens of millions of dollars. The exclusive opportunity presented was for top investors of the Trump-affiliated meme coin, offering them a chance to dine with the former president next month. Analysis from the Washington Post reveals that the promotion has raised concerns over possible conflicts of interest in access to presidential figures for hefty investment.
Since the announcement, purchases of the $TRUMP coin surged, with one buyer snagging a whopping 2 million coins valued around $24 million. In total, 27 crypto wallets collectively acquired more than 8 million coins, amounting to approximately $100 million. Interestingly, some of these investors may have shifted coins between wallets just to qualify for the private dinner, casting a shadow over their initial intentions.
The coin’s value has jumped by over 30 percent, climbing to nearly $12 per coin. This meteoric rise has boosted the worth of crypto wallets connected to Trump’s business interests by about $100 million. Further investigation revealed that the team behind the coin earns fees from sales, having raked in $1.25 million in just the past week alone.
Trump has long touted his ambition to establish the U.S. as the “crypto capital of the planet,” with his sons endorsing the $TRUMP coin as a leading digital venture. However, the intimate dinner offer has raised eyebrows. Virginia Canter, an ethics expert, described it as a troubling “pay-to-play” scheme that could attract wealthy individuals, foreign officials, and potentially those seeking favours like pardons.
Reaction from lawmakers has been swift. Senator Chris Murphy labelled the situation as perhaps the most corrupt manoeuvre a president has ever attempted, suggesting that it goes beyond typical political behaviour. As it stands, neither the White House nor Trump’s organisation has provided any commentary in light of the criticisms.
The crypto initiative itself is handled by a Trump Organisation affiliate alongside a Delaware-based company called Fight Fight Fight, which has a strong stake in the coin. This new venture follows on the heels of Trump-themed crypto projects launched in recent months, including another token, WLFI, which aims to capture some of the Trump allure.
According to reports, only the top ranked 220 holders of the meme coin would receive invites to the gala. The leaderboard is populated only with crypto wallet identifiers, like “elon” and “boop,” making it tricky to identify individual investors. Key findings indicate that some buyers received funds from Binance, a platform that restricts U.S. customers, which raises questions about the buyers’ nationalities.
One prominent wallet dubbed “Sun” now holds over 1.1 million $TRUMP coins, a stake valued at more than $13 million. This wallet is linked to HTX, a crypto exchange founded in China, and it’s worth noting the owner had invested in another Trump-related venture during a legal investigation.
On the promotional side, the coin’s website highlights that this dinner is touted as a top-tier affair, with attendees responsible for costs, including meals and tips. Interestingly, if Trump can’t make it, those attending might get a limited edition NFT instead. Some investors in Trump Media & Technology Group expressed disappointment over the perceived preferential treatment given to crypto holders compared to long-time supporters.
Despite recent gains, the $TRUMP coin’s current value is still almost 90 percent lower than its peak just after its launch. Yet, the team continues to push the dinner offer aggressively and urges supporters through social media to attend this pivotal moment in crypto history, insisting there are “no second chances” to meet greatness in such a setting.
Chris Dehghanpoor contributed to this report.
