The value of Donald Trump’s meme coin, $TRUMP, surged by more than 50% on Wednesday after its official website announced that the top 220 holders would be invited to a private gala dinner with the US president on 22 May. The top 25 holders would also receive an ultra-exclusive VIP reception and a special tour.
The coin rose to about $14.70 following the announcement, before falling back to $12.30 in early trading on Thursday, according to CoinMarketCap. Despite the rise, the price remains far below its peak of $75 shortly before Trump’s inauguration in January.
The jump came as investors had been expecting an “unlock” allowing original investors and insiders to cash out, which typically depresses prices. However, the coin’s X account said this would be delayed by 90 days. Meme coins, which are digital tokens inspired by trends, often fall in value after an initial rally.
Critics have accused Trump and his wife, Melania, of “shameful” conflicts of interest after they launched meme coins. Trump, who once was sceptical of cryptocurrency, now calls himself the “crypto president” and has promised to support the sector. In March, he hired venture capitalist David Sacks as an AI and crypto tsar and established a national bitcoin stockpile.
The Trumps have become actively involved in crypto, with Melania launching a meme coin in January and the president and his sons starting a crypto platform called World Liberty Financial. Meanwhile, Trump Media and Technology Group plans to work with Crypto.com on investment products. The US justice department has also disbanded a unit investigating crypto fraud, raising concerns among Democrats and watchdogs about investor risks.
