What happened?
Trump hosted a meme coin dinner in Washington, D.C., where participants and registrants received limited edition Solana NFTs, sparking market speculation and buzz.
Three types of NFTs were distributed based on loyalty levels. Although they have no practicality, they set a transaction record of up to $16,000 on Magic Eden.
The event sparked political controversy and protests. Although the $TRUMP coin still has a sizable market, it has significantly fallen back, and the market is doubtful about its future value.
Trump dinner commemorative NFT sold for $16,000
Last month, Trump held a dinner at the Washington National Golf Club limited to 220 holders of the Trump meme coin ($TRUMP). Guests and registered holders who did not attend also received limited edition Solana NFTs, which sparked a wave of speculation in the secondary market.
According to official statements, this NFT is a tribute and commemoration to 'crypto presidential supporters', divided into three levels based on user participation and loyalty.
The 'Power to the Holders' series consists of 1,049 pieces distributed to those who registered but did not make it to the top 220. The 'Gold Gala Dinner' series consists of 219 pieces given to actual attendees of the dinner. The rarest version, 'Diamond Hands,' has only 118 pieces and was given to users who did not sell their tokens during the event.
Reportedly, these NFTs have no actual functionality and do not offer membership benefits or governance rights, but their rarity and buzz have sparked a trading frenzy. On the NFT trading platform Magic Eden within the Solana ecosystem, the floor prices of the three NFTs are approximately 7.6 SOL (about $1,200), 48.15 SOL (about $7,700), and 101.7 SOL (about $16,475), respectively.
One of the Diamond Hands NFTs was sold shortly after its release for 99.9 SOL, with a transaction price of about $16,000, becoming the only successfully traded NFT in the series so far.
$TRUMP meme coin underperforms expectations
Last month, this dinner became the focus of both the political and cryptocurrency circles. According to foreign media reports, the event was lively both inside and outside, with over 100 protesters gathering and shouting 'End Crypto Corruption', while some American Democrats warned that this event could become a backdoor for foreign forces to exchange cryptocurrency for political influence.
Despite the many controversies, the event went ahead as planned. Trump himself made a brief appearance for an hour, but some participants were disappointed that they could not interact one-on-one with Trump and even criticized the main dish steak as 'cheap quality.'
Moreover, many attendees used tricks to 'ride the wave' of the event. Morten Christensen, founder of the airdrop website AirdropAlert, stated that he bought a large amount of $TRUMP tokens on the spot market to meet the dinner threshold and shorted the same amount of tokens on other platforms to reduce price volatility risk.
In the end, he cleared his tokens before the dinner, so he was unable to obtain the Diamond Hands version NFT, only receiving the first two levels, missing out on a potential profit of $16,000.
However, even though this series of NFTs sold for a good price, the $TRUMP meme coin itself underperformed expectations. According to data, since reaching a high of $75.35 on January 19 of this year, $TRUMP has plummeted by more than 84.6%, yet it still has a market capitalization of about $2.3 billion, making it the fourth largest meme coin in the world.
On the day of the NFT airdrop, the token only rose by 2.61%. This reaction also indicates that while the market is still interested in Trump's personal brand, there may be skepticism about the token's value and future.
Source: Decrypt, CryptoNews
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