In a notable display of interest in President Donald Trump’s exclusive dinner for TRUMP memecoin holders, investors reportedly spent over $140 million on the token to secure an invitation to the event at Trump’s National Golf Club.
This phenomenon was highlighted by data analytics firm Inca Digital, which revealed that the announcement of the dinner event significantly boosted the value of the memecoin.
TRUMP Surges 40% After Dinner Invitation Announcement
On April 23, it was disclosed that the top 220 holders of the memecoin as of May 12 would be granted access to a dinner with the President. This news catalyzed a major 40% increase in the token’s value, partially reversing an 88% decline seen in the weeks leading up to the announcement.
Buyers of the memecoin reportedly invested amounts ranging from $53,500 to a staggering $16.4 million to secure their invitations.
According to Inca Digital’s analysis, the largest holder by the contest’s end was an account identified as Sun VIP. However, the anonymity of digital wallets means the true identities of these holders remain undisclosed.
Austin Ryan, director of marketing for Inca Digital, noted that the movement of funds through these international platforms suggests that many buyers are operating outside US jurisdictions.
This has significantly raised concerns among government watchdogs and Democratic lawmakers about the implications of purchasing a Trump-branded asset for access to the President.
Potential Conflicts As Dinner Date Nears
Critics emphasize that the TRUMP coin is partially owned by an affiliate of the Trump Organization, creating a potential conflict of interest. They argue that Trump and his family could financially benefit from the sales of the meme coin, further complicating the ethics of such a promotion.
Tony Carrk, executive director of the watchdog group Accountable.US, voiced concerns over the anonymity of the top holders, noting that their identities remain obscured behind crypto usernames.
The exclusive dinner for the memecoin holders is scheduled for May 22 at the Trump National Golf Club in Washington, D.C., where the top 25 holders will enjoy a private VIP reception with the President, along with a special tour of the venue.
Currently trading at $13.52, the memecoin has surged 69% over the past month, spurred by renewed bullish sentiment among investors in the broader crypto market.
This has been led by the market’s leading cryptocurrency, Bitcoin (BTC), whose price has inched closer to its record high of $109,000 over the past two weeks. This positive shift in crypto prices is a result of the President’s tariff policies.
Featured image from CNBC, chart from TradingView.com
