- The TRUMP memecoin surged 49.5% on Wednesday, hitting US$14.72—its highest level since early March.
- The spike followed an announcement that Donald Trump will host a private dinner on May 22 for the top 220 TRUMP token holders, with a separate VIP reception for the top 25 wallets.
- Critics raised concerns over transparency and legality, pointing out the token’s 80% insider control and questioning the ethics of a political figure offering perks tied to a crypto token.
The TRUMP memecoin surged sharply on Wednesday, jumping 49.5% on the day and briefly hitting US$14.72 (AU$23.9), its highest level since early March.
On the weekly scale, it’s up 77%, as per CoinGecko data.
A Very Exclusive Dinner
The spike came just hours after it was revealed that Donald Trump will host a private dinner on May 22 at the Trump National Golf Club in Washington D.C. The invite-only event is open to the top 220 TRUMP holders registered on the project’s official leaderboard. An even more exclusive VIP reception will be held separately for the top 25 wallets.
The message “Have dinner in Washington, D.C., with President Trump” appears on the project’s website, depicting Trump in a very fit and broad-featured image, despite his reported habit of drinking Coke and eating McDonald’s whenever possible.
Related: XRP Devs Alerted to Major Backdoor Threat in Key JavaScript Library
To Kiss the Ring, Pay with Bling
I think we all remember Donald Trump’s official TRUMP token, launched in January shortly before he took office. That launch was marred by controversy from the very beginning, with industry figures, lawmakers, and practically everyone criticising the project for a very obvious reason: its lack of transparency.
In particular, I’m referring to the fact that nearly 80% of the token supply is controlled by the creators, and that no one knows who the top token holders are.
The announcement sparked discussions all over social media. On Crypto Twitter, reactions have been chaotic, with some users calling the dinner campaign a “short squeeze attempt” aimed at boosting market momentum.
On Reddit, many users criticised the President, questioning whether this is even legal and how a politician can pull this off and get away with it. One user in particular summarised the dinner almost perfectly:
So a few whales are basically paying for the chance to kiss his ass and buy influence.
Redditor
Related: New SEC Chair Pushes for Politics-Free Crypto Regulation
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