Dinner with Trump Event (May 21, 2025)
The highly controversial "Dinner with Trump" event, hosted by former President Donald Trump for top holders of his self-branded $TRUMP meme coin, is set to take place tomorrow, May 22, at the Trump National Golf Club in Virginia. Below are the latest developments:
1. Event Structure & Attendees
Exclusive Access: The top 220 holders of the $TRUMP token are invited to the gala dinner, while the top 25 will enjoy a VIP reception and a private audience with Trump. Initial promises of a White House tour were quietly removed from promotional materials.
International Dominance: Analysis by blockchain firms Inca Digital and Bloomberg reveals that 17 of the top 25 wallets are linked to non-U.S. exchanges like Binance, suggesting most attendees are foreign nationals. Notable attendees include:
Justin Sun (Chinese crypto entrepreneur and Tron founder), whose "SUN" wallet holds ~$18 million in $TRUMP despite facing paper losses of $66 million.
Meme Core, a Singapore-based crypto network, and an Australian entrepreneur.
2. Financial Outcomes & Volatility
$148 Million Spent: Buyers collectively invested $148 million to secure spots, with the token’s price surging 60% post-announcement before dropping.
Winners and Losers:
Profiteers: Traders like "Woo" ($2.6M profit) and "NACH" ($52K profit) exited positions early.
Mass Losses: Over 592,000 wallets lost $3.9 billion, while Trump-affiliated entities earned $320 million in fees.
Price Swings: $TRUMP peaked at $75 in January, crashed to $7.50, then rebounded to ~$14 post-dinner hype.
3. Ethical and Legal Controversies
Foreign Influence Concerns: Critics, including Democratic Senators Blumenthal and Warren, argue the event allows foreign actors to buy access to Trump, potentially violating ethics rules and the Emoluments Clause.
Legislative Pushback: Bills have been introduced to block presidents and lawmakers from profiting off crypto assets.
SEC Scrutiny: The SEC paused its fraud case against Justin Sun, raising questions about regulatory oversight.
4. Trump’s Crypto Empire
Control Over Supply: 80% of $TRUMP tokens are held by Trump-linked entities (CIC Digital and Fight LLC), which profit from trading fees via liquidity pools rather than price appreciation.
Broader Ventures: The Trump family oversees projects like World Liberty Financial, American Bitcoin mining, and a USD-pegged stablecoin
5. Event Implications
Market Speculation: Analysts predict a post-dinner price slump, though future perks for holders could mitigate losses.
Political Fallout: The event underscores Trump’s alignment with crypto deregulation, despite ethical debates over leveraging presidential influence for personal gain.
