Donald Trump’s memecoin that dipped in value in recent times seems to have bounced back. Reportedly, the US President’s memecoin that had slipped 88 per cent from its recent high witnessed a boost on Wednesday. This leap came after the coin’s official website posted an invite for the top 220 holders of the digital token to a private dinner with the 47th US president.
Dubbed ‘the most exclusive invitation in the world’, the top buyers of $TRUMP will be part of a private gala dinner with the president on May 22. The dinner will be hosted at Trump National Golf Club in Washington DC, and the top 25 holders are expected to get an “ultra-exclusive private VIP reception with the President,” along with a special tour.
In what is seen as the Trump family’s bid to rake in money from crypto, the latest announcement will offer exclusive access to the White House in exchange for an investment in one of Trump’s crypto ventures.
After the dinner invitation was shared on the $TRUMP memecoin website and X, the value of the coin rose to $5.32, a 58 per cent hike to $14.32 on Wednesday afternoon. Incidentally, this gain only gave a slight breather in the coin’s decline in value. The coin hit its peak of $75.35 on January 19, the day of Trump’s inauguration.
What do we know about Trump’s private dinner?
The dinner, based on the invite, promises investors in $TRUMP coin the opportunity to hear a close-up from President Trump about his vision for crypto. Reportedly, the dinner event with Trump will only be extended to those with the maximum $TRUMP coins. “President Donald J. Trump is known as the ‘Crypto President!’ At this Intimate Private Dinner, Hear First-Hand President Trump Talk about the Future of Crypto,” reads the website.
Besides, the website also informs that its leaderboard updates hourly in real time and that one’s $TRUMP coin count puts them in the running. “The competition is fierce. Own $TRUMP — or watch from the sidelines,” read the website. The leaderboard will reportedly be determined by the average holdings of $TRUMP owners between April 23 and May 12. “The more $TRUMP you hold — and the longer you hold it — the higher your ranking will be,” it read.
Trump had earlier vowed to make the US the cryptocurrency capital of the world and has also invested heavily in the realm of digital products, from NFTs to cryptocurrency platforms, including World Liberty Financial. According to the Trump coin site, CIC Digital LLC, an affiliate of the Trump Organisation, and Fight Fight Fight LLC jointly own 80 per cent of the memecoins.
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Interestingly, memecoins as such have no economic or transactional value. They are essentially cryptocurrencies linked to internet trends and celebrities. The most famous memecoin has been Dogecoin, which was inspired by an image of a Shiba Inu dog and advocated by Elon Musk. Trump and his wife, Melania Trump, introduced their memecoins days after the presidential inauguration. Both coins lost value immediately after their debut; at present, the Trump coin is priced at $13.28 and Melania at $0.47.
How is the crypto industry reacting?
Memecoins are essentially cryptocurrencies with no economic utility and are usually created to go viral within the internet community. Seemingly, the crypto world is divided on all of this. While some may be thrilled, as they view it as a sign that President Trump is openly expressing his support for crypto, believing that his term will likely bring more users and unprecedented growth to the industry.
However, others who are serious crypto investors and executives are reportedly concerned. This is mainly because they have been putting in efforts to build crypto as a legitimate part of the financial and tech sectors. A memecoin from the president may risk their efforts, potentially embolden the idea that crypto is all about hype.
US lawmakers and activists have also criticised Trump’s planned dinner. Democrat Senator Chris Murphy from Connecticut took to his social media to call it the ‘most brazenly corrupt thing a president has ever done’. Tony Carrk, executive director with Accountable US, a nonpartisan group focused on corporate and government ethics, said that the president was openly inviting investors to have a bidding war over who can get the most access to him while earning all the money.
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“There has never been a clearer case of a president using their office to put money in their pocket or greater potential for special interests to buy an administration’s favour that could threaten the public interest,” Carrk was quoted as saying by Reuters.
What has Trump done for the crypto community?
Once a skeptic, Trump has repeatedly vowed to be America’s first ‘crypto president’. Since taking office, Trump has taken a pro-crypto stance, marking a tangible shift from his earlier views. He introduced the Strategic Bitcoin Reserve using the seized digital assets and signed an executive order to promote US leadership in digital finance while withdrawing access to central bank digital currency, or CBDC. His administration also relaxed the regulatory burden, allowing banks to engage in crypto without prior approval, and also scaled back SEC enforcement.
The president also hosted the first-ever White House Crypto Summit, displaying his commitment to the industry. Incidentally, Trump’s push for crypto comes at a time when concerns are being raised about conflicts of interest and influence peddling.
