Trump´s memecoin dinner contest: Trump generates $900,000 in two days
The promise of a private dinner with the former president for major investors boosted the value of the $TRUMP token by more than 50%, prompting criticism and calls for an ethics investigation.
The $TRUMP cryptocurrency token, linked to president Donald Trump, raised nearly $900,000 in trading fees in just two days, according to the firm Chainalysis. The spike came after the project's website announced an exclusive dinner with Trump for the top 220 holders of the token, scheduled for May 22 at his private club in the Washington, D.C. area.
The announcement also promises a special reception for the top 25 investors and a VIP visit to the White House the following day. Following the news, the value of the memecoin rose more than 50%, reaching a market capitalization of approximately $2.7 billion. The project's official website displays a leaderboard with the top holders of the token.
Criticism for political use of cryptocurrencies and supply concentration
The measure received strong criticism from political figures, such as senator Chris Murphy, who called the strategy a "blatantly corrupt" way to generate personal income. According to the token's website, 80% of the supply is held by the Trump Organization and affiliated entities. Since its launch in January, the project has accumulated more than $324 million in fees, which are automatically redirected to wallets controlled by the developers.
Memecoins, such as $TRUMP, have become popular for their speculative nature and their association with viral trends, rather than being based on tangible assets or functional applications. Although the project claims to have locked its supply under a three-year gradual vesting scheme, critics consider the contest an unconventional way to monetize access to a political figure.
Donald Trump is a billionaire tycoon who plans to advance through new forms of income. Photo: MSN
Call for ethics investigation and lack of official comment
Following the controversy, senators Adam Schiff and Elizabeth Warren have asked the Office of Government Ethics to investigate whether this initiative represents a form of "pay-to-play," a practice that offers benefits in exchange for financial contributions. Although requests for comment have been made, neither the White House nor the token's developers have issued public comments on the matter.
This episode once again brings into debate the use of digital assets by public figures and their potential for generating financial benefits, while blurring the lines between politics, investment, and personal advancement.