President Donald Trump will host a private dinner with the top 220 holders of the Trump memcoin, the website of $TRUMP announced on Wednesday leading to a major spike in $TRUMP coin buying. The intimate private dinner will be held at his private club in Washington on May 22, the announcement said. The president will talk about the future of crypto after the dinner.
This is not the first time that Trump promised such surprise dinners but this is the first time with his memecoin holders. Earlier, he hosted dinners with buyers of his NFT collections.
People who want to participate have to register, and a leader board of the top Trump coin holders will be kept to determine attendees. The top 25 Trump coin holders will also be invited to a reception before the dinner with the president, and will be given a tour of the White House.
“From April 23 to May 12, your average $TRUMP balance determines your spot,” according to the Website advertising the dinner. “Get $Trump Memes and climb the ranks.”
The Trump memecoin was launched days before Trump’s inauguration, triggering backlash as to whether a sitting president can launch a memecoin in his name. Melania memecoin was also launched shortly after, but both lost much of their value since the inauguration, while the Trump family is expanding its crypto investments.
Some 200 million Trump memecoins became available at launch on Jan. 17, and another 40 million were unlocked last week. CIC Digital LLC, an affiliate of the Trump Organization, and Fight Fight Fight LLC collectively own 80% of the coins that are subject to the unlock schedule, according to the coin’s website.
Memecoin is a cryptocurrency that originated from an internet meme or has some funny characteristics. They surge in price sometimes, riding on social media popularity, but then plunge all of a sudden impacting the investors majorly
