In a surprising turn of events, interest has surged around a special gathering hosted by former President Donald Trump, exclusively for holders of the TRUMP memecoin. Investors have reportedly channeled over $140 million into the token to gain access to this exclusive event at Trump’s prestigious golf club.
This intriguing phenomenon was illuminated by the analytics company Inca Digital, which noted that the announcement regarding the dinner significantly elevated the price of the memecoin.
TRUMP Memecoin Sees 40% Surge After Dinner News
On April 23, it was revealed that the 220 largest TRUMP memecoin holders as of May 12 would receive an invitation to dine with the former President. This announcement triggered a remarkable 40% spike in the coin’s market value, effectively reversing an earlier 88% decline that occurred in the weeks prior.
Investors flocking to buy the memecoin have been reported to spend amounts ranging from $53,500 to an impressive $16.4 million in their pursuit of exclusive invitations.
According to the analysis conducted by Inca Digital, the largest account by the end of the promotional contest was one known as Sun VIP, although the anonymous nature of cryptocurrency wallets leaves the actual identities of these holders unknown.
Austin Ryan, marketing director at Inca Digital, pointed out that the financial movements suggest many of these buyers are operating from jurisdictions outside of the United States. This situation has raised significant concerns among regulatory bodies and Democratic lawmakers regarding the implications of purchasing a Trump-associated asset for access to a former President.
Ethical Concerns Heightened as Dinner Approaches
Critics have emphasized that the TRUMP coin is partially owned by an affiliate connected to the Trump Organization, illuminating potential conflicts of interest. Detractors argue that the former President and his family could gain financially from the sales of this memecoin, complicating the ethical considerations surrounding such promotional ventures.
Tony Carrk, from the governmental watchdog group Accountable.US, expressed apprehension regarding the secretive nature of the top holders, stressing that their identities are hidden behind cryptocurrency pseudonyms.
The highly-anticipated dinner event is set to take place on May 22 at the Trump National Golf Club in Washington, D.C. Top holders will have the chance to enjoy a VIP reception with Trump, alongside a unique tour of the venue.
Currently valued at $13.52, the TRUMP memecoin has seen an increase of 69% over the last month, fueled by a wave of positive sentiment among investors in the broader cryptocurrency landscape.
This bullish trend has largely been influenced by Bitcoin (BTC), which is edging closer to its historic high of $109,000 in recent weeks. This upswing in digital asset pricing can be attributed to the impact of the President’s tariff policies on market sentiments.
Image featured from CNBC, with the accompanying chart sourced from TradingView.com.
