U.S. President Trump is about to host an unprecedented private dinner for the largest holders of his eponymous meme coin $TRUMP. However, a blockchain analysis report shows that this gathering, which was originally centered on American politics, may be dominated by non-Americans, raising questions about their political and economic motives.
The dinner is about to start, and almost all the invitees are anonymous wallets
Trump’s “$TRUMP Token Holder Dinner” is scheduled to take place at a private golf club in Virginia on May 22, with the invitation list limited to the top 220 token holders. However, according to the review, most of these top currency wallets are anonymous accounts and their real identities cannot be identified.
This raises the question: Who is buying the tickets to dine at the same table with the former US president? What is the purpose behind these people’s investment?
Blockchain analysis reveals: Most whales come from overseas
According to a report by blockchain analysis firm Inca Digital, the main wallet addresses of $TRUMP tokens frequently appear on overseas exchanges such as Binance that do not serve US customers. This suggests that most of the top coin holders are most likely not U.S. citizens.
Further analysis by Bloomberg also pointed out that 19 of the top 25 wallets are almost certainly held by overseas individuals. This means that Trump’s "American-style political dinner" will actually be controlled by international capital.
Justin Sun may be the largest holder of the currency, and the amount he bought is astonishing
One of the wallets, called “Sun,” currently holds over $18 million in $TRUMP tokens and purchased an additional $4.5 million following the dinner announcement. Multiple reports indicate that the wallet is highly associated with Justin Sun, the founder of Tron.
Justin Sun has publicly stated that he spent $75 million to purchase tokens of World Liberty Financial, which is led by the Trump family. Although his representative did not respond to the media, the traces on the blockchain have made it almost certain that he is the number one "whale" at the $TRUMP dinner.
Singaporean and Australian investors rush to invest, but American companies are left behind
Following closely behind is Singaporean crypto platform MemeCore, which also received an investment of US$18 million. In addition, an Australian crypto entrepreneur also made it onto the list.
In contrast, the performance of domestic American companies was not as good as expected. Freight Technologies, a Texas-based logistics company, attempted to gain influence over U.S.-Mexico trade policy by purchasing $2 million in $TRUMP coins. The company's CEO Javier Selgas said this was to promote "fair and free trade", but in the end it only ranked 250th and missed the dinner.
Glory and Bubble Coexist: The Rise and Fall of $TRUMP Coin
Since its official launch in January, the $TRUMP token has soared to a market value of $15 billion, assisted by Trump himself posting on Truth Social and X, "It's time to celebrate all our values: win!" However, the good times did not last long, and the price of the currency subsequently fell sharply.
In April, the stock briefly rebounded by 50% due to the dinner news, and its market value once rose to US$2.7 billion, but soon fell again. This highly volatile performance has deepened outside doubts about the sustainability of the token.
Data reveals: Most investors lose money, while whales make profits
According to Inca Digital, although 560,376 wallets made a total profit of US$5.2 billion, more people became "leeks": as many as 592,962 wallets lost a total of US$3.9 billion. This shows the extreme wealth transfer phenomenon in the Trump Coin ecosystem, where early big investors made a fortune, while most retail investors lost everything.
Blockchain firms pull back, as lawmakers warn of risks
Chainalysis and Elliptic, the blockchain security companies that originally participated in the analysis, have announced that they will stop tracking $TRUMP coins after receiving a large number of inquiries, citing limited resources as the reason.
On the other hand, U.S. Senator Richard Blumenthal expressed concern that the crypto assets held by the Trump family could become a new channel for foreign or corporate forces to influence U.S. politics in a roundabout way.
The White House responded: The assets are managed by a trust and there is no conflict of interest
In response to media inquiries about whether Trump was involved in this currency operation, a White House spokesperson said that Trump's assets are managed by his children's trust and that there is currently "no conflict of interest." However, in the eyes of the cryptocurrency community, this dinner has long symbolized a new intersection of politics and encryption, and the real winners may not be Trump's voters, but the "unknown whales" who bet on the right thing first.
This article Trump's "TRUMP Meme Coin Dinner" exposed: Most of the top coin holders are foreigners, and there are many doubts. It first appeared in Chain News ABMedia.