Trump Meme Coin Soars After 'Dinner with the President' Offer

Image Credit: InsideBitcoins

President Donald Trump's meme coin saw a dramatic 60% surge on Wednesday following an announcement offering "the most EXCLUSIVE INVITATION in the world." The top 220 buyers of the $TRUMP coin were promised a private gala dinner with the president on May 22 at Trump National Golf Club in Washington, D.C. Additionally, the top 25 buyers would receive a "VIP reception with the President" and a "Special Tour."

This move is part of a series of cryptocurrency ventures undertaken by Trump and his family, which have generated hundreds of millions of dollars in fees. The Trump family has also launched a crypto exchange, World Liberty Financial, and pivoted to crypto finance with Trump Media & Technology Group, the parent company of the president's social media platform.

Trump has declared himself America’s first "crypto president," and his administration has rolled back crypto regulations. However, his family's deep involvement in crypto amid his presidency has raised concerns about potential conflicts of interest and the use of presidential influence for personal gain.

Critics, such as Tony Carrk from the watchdog group Accountable.US, have called the dinner offer "presidential grifting," accusing Trump of using his office to profit. White House Deputy Press Secretary Anna Kelly defended the president, stating that his assets are managed by his children, negating any conflict of interest.

The $TRUMP coin, which debuted before Trump's inauguration, briefly peaked at $74.59 before dropping to a low of $7.14 on April 7. By March 12, the coin had already generated at least $350 million in fees for entities tied to the president. Although many anticipated the coin's collapse when 40 million new tokens were set to unlock, the release has been delayed by 90 days.

The dinner terms also mention that while Trump may not attend in person, winners will receive a limited edition TRUMP NFT instead.

Paraphrasing text from "Reuters" all rights reserved by the original author