TLDR
Trump’s meme coin dinner contest with top holders has earned insiders nearly $900,000 in two days
The $TRUMP token jumped more than 50% after announcing the top 220 holders would have dinner with the president
Token insider sales have been delayed by an additional 90 days beyond the original vesting schedule
Democratic Senators Warren and Schiff are calling for an ethics investigation into potential “pay to play” corruption
The Trump family has multiple crypto ventures including $TRUMP, $MELANIA, and World Liberty Financial
President Donald Trump’s latest cryptocurrency venture has drawn both financial gains and ethical scrutiny. The president’s $TRUMP meme coin announced a special dinner for its top token holders, causing the coin’s value to surge while raising questions about the monetization of presidential access.
On Wednesday, the $TRUMP token’s website announced that the top 220 holders would be invited to dinner with President Trump at his Washington-area golf club on May 22. The event, described as “black-tie optional,” will include a reception for the top 25 holders, followed by a “VIP White House Tour” the next day.
The announcement sent the token’s value soaring more than 50%, boosting its total market value to $2.7 billion. According to blockchain data company Chainalysis, the president and his allies have collected nearly $900,000 in trading fees in just two days following the dinner announcement.
Critics have been quick to condemn the promotion. Democratic Senators Elizabeth Warren and Adam Schiff have urged the U.S. Office of Government Ethics to investigate whether the dinner contest amounts to “pay to play” corruption, selling presidential access in exchange for financial investment.
The $TRUMP token launched in January, just before Trump’s inauguration. According to the project’s website, approximately 80% of the token supply is controlled by the Trump Organization and affiliates, with most locked under a three-year vesting plan.
Crypto Ventures Expand
The Trump family’s involvement in cryptocurrency extends beyond just the $TRUMP token. Following its launch, First Lady Melania Trump introduced her own token — $MELANIA — which briefly reached a market value exceeding $2 billion before declining alongside $TRUMP.
In addition to these meme coins, the family backs World Liberty Financial, a decentralized finance venture that has raised $550 million through token sales since October 2024. According to documents reviewed by CNBC, a Trump-affiliated entity is entitled to 75% of net revenue from this project.
These crypto ventures mark a sharp reversal from Trump’s first term, when he opposed digital assets. During his 2024 campaign, he repositioned himself as a champion of cryptocurrency, portraying Democrats as hostile to innovation and supportive of tighter regulation.
Since taking office, Trump’s administration has weakened regulatory oversight of cryptocurrency. Shortly after the release of the $TRUMP and $MELANIA tokens, the SEC issued guidance stating that meme tokens don’t qualify as securities, effectively shielding the projects from immediate regulatory scrutiny.
Despite the enthusiasm from crypto supporters, critics say these ventures raise ethical concerns. Delaney Marsco from the Campaign Legal Center told NBC News that while the president’s actions may not be illegal, they represent an unprecedented ethics breach.
“Criminal conflicts of interest statutes don’t apply to the president,” Marsco explained. “That has allowed him to go against decades of norms that every modern president since Carter has adhered to.”
The $TRUMP token was scheduled to begin unlocking a major tranche of insider-held tokens this month. However, the token’s official X account announced that all major unlocks, including the initial cliff and the next three months of daily vesting, would be delayed by an additional 90 days.
Only 20% of the $TRUMP token supply is currently available for trading. The remaining 80%, held by insiders, remains locked under the extended vesting schedule, with tokens set to be released incrementally over time.
According to Chainalysis, the main wallet behind $TRUMP has already earned more than $350 million in USDC, a dollar-pegged stablecoin, by acting as a market maker and collecting fees on trades.
Sen. Jon Ossoff has joined Warren and Schiff in their criticism, calling for Trump’s impeachment over the controversial dinner invitation. However, with Republicans controlling both the White House and Congress, and the OGE director appointed by Trump himself, these demands for accountability are unlikely to gain traction.
The $TRUMP token website displays an active leaderboard showing the usernames of top buyers, though crypto researcher Molly White notes that it only shows screen names, making it difficult to identify who might join the dinner.
Senators Schiff and Warren have cited reports showing that some $TRUMP investors have ties to foreign exchanges or received funds from crypto platforms banned in the U.S., including Binance. White also pointed out that at least one top $TRUMP owner has an account on Binance, a cryptocurrency company that doesn’t allow American users.
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