The TRUMP memecoin project announced a list of 220 top holders, with total assets of 174 million USD, eligible to party with President Donald Trump on May 22. However, this event is causing significant controversy – is this a gateway for the power of tycoons? Let's analyze in detail.
TRUMP Ends Competition: 220 Holders Partying with the President
The TRUMP memecoin project, associated with the name of US President Donald Trump, has 'closed' the holder ranking competition, announcing 220 wallets holding the most tokens with a total value of 174 million USD. These individuals will attend a dinner with Trump in Washington on May 22, with the top 25 wallets receiving VIP tours, possibly at the White House. According to Reuters, users spent 148 million USD to buy TRUMP, competing for ranking positions. However, Chainalysis reported that only 58 wallets made profits over 10 million USD, while more than 764,000 wallets incurred losses.
All transactions after the 'cut-off' time will not be counted, and those who maintain their token quantity will receive a limited edition 'Trump Diamond Hand' NFT on Solana. The project requires background checks and encourages wearing elegant suits. Notably, two wallets named 'Sun' and 'elon' on the list led the community to speculate connections to Justin Sun (TRON) and Elon Musk (Tesla) – individuals with financial interests tied to Trump.
Counter-Reaction: Politics and Conflicts of Interest
This event created significant waves. Many lawmakers and crypto industry leaders criticized #TRUMP for releasing the memecoin right before taking office on January 20, arguing that this behavior is inappropriate for the position of President. Bloomberg revealed that the majority of holders are outside the US, increasing security concerns and conflicts of interest. Starting from April 23, when Trump announced the party, oversight pressure from Congress intensified, accompanied by corruption allegations and calls for impeachment. Some representatives even stated they would not consider crypto legislation until the issues were clarified. On May 13, a bill banning Trump and Congressional officials from issuing or profiting from crypto was proposed.
Business 'Buying Seats': Policy Influence
Not only individuals, but companies are also joining the game. Freight Technologies, an American-Mexican transportation company, publicly invested 20 million USD in $TRUMP , aiming to influence Trump's trade policy with Mexico. This raised concerns that the TRUMP memecoin is becoming a 'backdoor' for tycoons and businesses to gain power, rather than promoting transparency and legitimizing the crypto industry.
Trump Family Crypto Empire: 2.9 Billion USD in Assets
The Trump family has built a massive crypto network, from memecoins, DeFi to NFTs, with their 'memecoin empire' bringing in 320 million USD. Their net worth increased by an additional 2.9 billion USD thanks to crypto, with 40% of their investment portfolio being digital assets. Previously, Trump sold 'mugshot' NFTs from the photo taken when he surrendered in 2020, and invited NFT holders to party with him, but this time the atmosphere is quieter, with no holders publicly confirming their attendance.
Impact on the Crypto Market
This event brings many signals:
Increasing controversy: Crypto fund inflows reached 3.4 billion USD last week, but the TRUMP memecoin raised concerns about transparency.
Promoting regulation: Pressure from Congress may lead to laws banning officials from profiting from crypto, affecting the forecast of accumulating 330 billion USD into Bitcoin by 2029.
Future Prospects
If political pressure continues to rise in the next 1-2 years, crypto projects related to Trump may face tighter scrutiny, affecting community trust. However, if the Trump family increases transparency in their activities, they may leverage the crypto wave to strengthen their financial position.
Conclusion: TRUMP Memecoin – Opportunity or Political Scandal?
The TRUMP memecoin announced 220 #holder (total assets of 174 million USD) for the party with Trump on May 22, but it sparked significant controversy with allegations of corruption and conflicts of interest. With 2.9 billion USD in crypto assets belonging to the Trump family, this event raises questions about the intersection of digital assets and power. Investors should closely monitor to avoid potential risks.
Risk warning: Investing in memecoins and crypto carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating. #anhbacong