On Friday (May 23), the official meme coin of U.S. President Trump, TRUMP, surged due to the dinner, briefly reaching $15.86 before falling back to $14.35. The TRUMP coin dinner attracted $150 million in investment, but a backlash emerged in the U.S. Congress, with Democrats seeking to force a vote on the event.
Reuters reported that on Thursday local time, TRUMP coin buyers from around the world gathered at a private country club along the Potomac River, located in the suburbs of the capital, to attend an exclusive dinner.
According to the cryptocurrency intelligence company Inca Digital, investors spent a total of about $148 million to buy TRUMP meme coins to secure their seats at the dinner, with the top 25 holders spending over $111 million.
These top holders will enjoy a private VIP reception with Trump, and the four major investors will also receive a limited edition Trump tourbillon watch valued at $100,000.
According to the blockchain analysis company Chainalysis, a company controlled by the Trump family and another company together hold the remaining 80% of TRUMP coins, having earned $320.19 million in fees to date, including at least $1.35 million after the dinner announcement.
According to blockchain analysis, more than half of the 220 tie holders attending this black-tie event may reside outside the United States.
In response to criticism of Trump using his power to profit from TRUMP coins, White House spokesperson Caroline Levitt stated on Thursday, "All of the president’s assets are held in a blind trust, managed by his children. I think one of the many reasons the American people re-elected this president is that he was a very successful businessman before giving up his career to serve the country."
She also stated, "The president attended in a private capacity. This is not a White House dinner. It was not held at the White House."
Vincent Liu, Chief Investment Officer of Taiwanese cryptocurrency market maker Kronos Research, stated that he would attend the banquet, hoping to connect with other high-level holders and possibly meet the president.
He noted, "This kind of visit is rare; it signifies that digital assets are entering the mainstream."
As Trump heads to a golf course in Virginia for a grand celebration, Democrats are trying to find ways to stop the president's invasion of the cryptocurrency market.
Senator Chris Murphy stated on Thursday that Democrats will seek a vote on an amendment that prohibits the president and other officials from profiting from stablecoins, which is part of the GENIUS Act, a proposed cryptocurrency bill aimed at regulating stablecoins.
He announced the plan during a press conference held with Congressman Sam Liccardo, Senator Richard Blumenthal, and Elizabeth Warren.
Liccardo stated that Republican lawmakers privately feel disgusted by Trump’s cryptocurrency activities.
He said, "Several of my Republican colleagues are willing to admit this is scary, but whether they are willing to publicly acknowledge it is a completely different question."
The amendment is unlikely to become law. However, Murphy stated that it could serve as a public criticism from Republicans regarding the TRUMP coin strategy.
