President Donald Trump is facing mounting criticism after announcing a private dinner for the top 220 holders of his newly launched $TRUMP meme coin — a move several U.S. Senators have blasted as potential corruption.
The event, promoted on the $TRUMP coin homepage, promises a private reception with Trump and a VIP White House tour for the top 25 investors. Winners will be selected based on how much $TRUMP they own and how long they hold the tokens between April 23 and May 12.
“The more $TRUMP you hold — and the longer you hold it — the higher Your Ranking will be,” the promotion states.
Initially priced at $75.35 the day before Trump’s latest inauguration, the token plummeted by 88% to $9.18 before the contest was announced. Following the announcement, $TRUMP surged over 50%, reaching a peak of $14.32, and adding roughly $100 million in value, according to CBS.