Justin Sun surpassed competitors with $14 million worth of TRUMP tokens, as meme coin holders focused on Trump's exclusive dinner.
Rumors suggest that participants need to hold at least $300,000 worth of TRUMP tokens to qualify for the 'Dinner with President Trump' event. Subsequently, the team behind the TRUMP meme coin quickly clarified misunderstandings about the event.
Meanwhile, Tron founder Justin Sun has become the undisputed leader, amassing $14 million worth of meme coins, surpassing other competitors in this high-stakes competition for a chance to meet Donald Trump.
Distinguishing fact from fiction, this initiative launched by the 'Trump' meme coin team promises that the top 220 participants will have the opportunity to dine with the President of the United States. However, misinformation quickly spread on social media, suggesting that the holder ranked 220th is the final candidate for the dinner.
On-chain data shows that the account holds over $300,000 worth of TRUMP tokens. This forced the team to go to X to clarify rumors, stating that the leaderboard qualification is based on time-weighted holdings rather than the original dollar amount. They also confirmed that any timely registered holders can participate, regardless of whether their holdings are in the millions or just a few hundred.
"We want to clarify some things that people seem to be confused about on the X platform and in the media," the official Trump meme account wrote. "You need over $300,000 to participate (you don't need to). And what we unlock is participation in this competition (we don't need to)." The selection system is designed to reward long-term holders, not large holders looking to buy in at the last minute. The team wrote, "This field is open, and anyone has the opportunity to dine with President Trump," and explained that the leaderboard calculations will exclude locked tokens, exchange wallets, and inactive holders.
Justin Sun's $14 million stake leaderboard data confirms the diversity claimed by the team.
The top-ranked wallet is associated with Tron founder Justin Sun, currently holding 1,176,803 TRUMP tokens valued at approximately $14 million, while the wallet ranked 220th holds only 35.3 TRUMP tokens, worth about $420.
Justin Sun's involvement has also been confirmed by Lookonchain, causing a stir in the cryptocurrency community. He signed up for the dinner, further fueling speculation about the importance of this event among key figures in the cryptocurrency realm. However, not everyone is buying into this hype. Some strongly questioned it, claiming that this promotional activity is a pump-and-dump scheme. One user wrote, "Hahaha, pumping the price before the locked coin issuance, just to have them sell off." Nevertheless, the market reacted enthusiastically.
After Trump announced his candidacy dinner, the stock price surged from a local low of $9 to over $16, reaching a seven-week high within minutes. The stock price has since corrected, and as of this writing, the trading price is $13.08, up 9.1% for the day. This increase has also propelled the token up 73.6% over the past week and 62.4% over the past two weeks, significantly outperforming the broader cryptocurrency market.
