Trump announced that the top 220 holders of the token Trump meme coin could attend the dinner on May 22, and the top 25 could participate in the VIP private itinerary, triggering a surge in the token and raising ethical political controversies.
Last night, U.S. President Trump announced that holders of the Trump meme coin could participate in a private dinner with the president on May 22, causing the price of the $TRUMP token to surge by 60%. This token, which had previously plummeted from its highs, has also sparked a series of chaos and controversies.
Launch empowerment of Trump Token
According to official news, the Trump 'TRUMP DINNER' will be held on May 22 at the Trump National Golf Club in Washington, D.C., inviting the first 220 token holders to participate, with the top 25 able to attend a VIP private itinerary and participate in a special VIP tour of the White House the following day.
All participants must register through KYC, and partners are not allowed to attend; only the token holders themselves can participate. All itineraries and related registration processes will be managed by Fight Fight Fight LLC. It is understood that Trump will attend as a guest on the day and will not conduct any fundraising activities.
After the news broke, Trump $TRUMP immediately triggered a surge, even reaching a 60% increase at one point. Although it is still far from the initial price, it demonstrates the political influence of the U.S. president.
‘Paying to meet’ sparked political controversy
The opportunity to meet the president is directly tied to the officially issued tokens. Does this involve blatant illegality and a breach of political ethics? Some senators have stated that this is 'the most blatant act of corruption ever done by a president' and 'publicly inviting investors to bid for closeness to the president.' Trump is using public power to promote his own token, raising significant concerns about the potential conflict of interest between public office power and personal business interests.
Trump Coin has also drawn a lot of public ridicule in terms of public opinion and politics, for example, some netizens suggested on Facebook that the government should buy Trump Coin, as meeting him in person might be a better move. Others believe that the value of Trump Coin is based on Trump's tariff threats, so the official announcement of empowerment after the tariff controversy can be seen as a clever maneuver.
Trump Coin traders have different experiences
Although Trump-related entities hold the majority of tokens, the empowerment related to the dinner event still demonstrates President Trump's market influence and unprecedentedly links the opportunity for a head of state to interact with individual cryptocurrency holdings, though some strange signs have emerged in cryptocurrency trading.
According to Lookonchain monitoring, after the announcement of empowerment for Trump Coin, a whale bought over 400,000 tokens and immediately sold them for a substantial profit, spending $5 million in a short time and making a profit of $730,000. However, some users cleared out 630,000 tokens the night before Trump's announcement, missing out on a profit of $4.5 million.
Regardless, Trump Coin has caused a phenomenon of income redistribution, with even traders who previously supported Trump potentially facing losses in the market. This uncertainty around Trump and how it will create market volatility in the future should be closely monitored by investors.
