Trump's meme coin skyrockets after inviting the top 220 holders to dinner.
Invitations to a private reception with the U.S. president drive a 50% increase in the price of $TRUMP and raise concerns about conflicts of interest.
The value of Donald Trump's meme coin rose more than 50% on Wednesday after his official website stated that the top 220 holders of the coin would be invited to a private gala dinner with the president on May 22.
The top 25 holders of the coin will also receive 'an ultra-exclusive VIP reception with the president,' as well as a special tour, according to the website.
The coin, called $TRUMP, jumped more than 50% after the announcement, trading at approximately $14.70. It slightly fell to $12.30 in early trading on Thursday, according to CoinMarketCap.
Critics slam the deregulation of cryptocurrencies as the Trump family expands its presence in the industry.
Despite the sharp increase, the president's coin price is well below the peak reached shortly before his inauguration in January, when it skyrocketed from about $6 to $75. The launch of coins for Trump and his wife, Melania, has led experts to accuse the couple of embarrassing conflicts of interest.
The sudden rise of Trump's meme coin on Wednesday came as investors awaited the start of a process that allows more original investors and insiders to withdraw their holdings. This 'unlocking' usually causes a price drop, but the coin's X account indicated that this would be delayed by 90 days.
