The TRUMP contest concluded with NFTs and a loyalty program, but there is increasing attention on the top Holders.
Wallets associated with foreign entities and changing award language raise legal and political concerns about the purpose of this memecoin.
The gala party ended grandly with NFT rewards, captivating announcements, and a loyalty program aimed at turning Holders into loyal devotees.
But not everything is as shiny as gold.
From questionable rewards to allegations of foreign investor winners manipulating the system, here’s what’s happening beneath the surface.
The contest has ended, but the game has just begun.
The TRUMP gala dinner contest has officially concluded, with 220 top Holders awaiting the right to attend the high-profile gala.
All participants received NFTs, but the real surprise is what’s to come. A special 'Diamond Hand' NFT will be awarded to those who do not sell TRUMP before the event on May 22.
This is a clear move to prevent sell-offs and inflate perceived market power.
Source: X
In a post-contest announcement, the organizers introduced the 'Next Era of TRUMP' along with the new reward points program, asserting:
"DIAMOND HAND Holders will receive more TRUMP reward points!"
The market seems to have reacted – TRUMP has increased nearly 50% in the past month, largely driven by these speculative dynamics.
Who is really holding TRUMP?
Top coin Holders are drawing attention – not just for their large amounts but also for their global connections.
The leader is the wallet 'Sun,' holding $16.6 million in TRUMP, believed to be linked to a foreign cryptocurrency exchange advised by Chinese billionaire Justin Sun. He has shared the stage with Eric Trump in Dubai and is a key investor in World Liberty Financial, another crypto venture related to Trump.
The second largest Holder, 'MeCo,' linked to Singapore-based MemeCore, has publicly called for the Token to rise in the rankings. Despite the preference rule for holding amounts over time, at least 17 of the top 220 wallets did not hold TRUMP as of Monday.
Legal gray areas and political warnings
As the [TRUMP] ecosystem of Trump Official grows, attention is increasing.
Details of the gala dinner contest have now separated the event from the White House, naming Fight Fight Fight LLC as the organizer and listing President Donald Trump only as a 'guest.'
Meanwhile, growing concerns about top Holders linked to foreign entities and potential political motives raise debates about the 'pay-to-play' perspective and evasion of legal authority.
Criticism suggests that the rewards system may be close to market manipulation, while others see the SEC's silence on suing major investors as a concerning sign.
When does a memecoin cross the line into illegality in politics – or something more concerning?
Source: https://tintucbitcoin.com/foreign-investors-win-trump-memecoin-gala/
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