Some of Donald Trump’s Memocoin’s top holders could come out of the shadows to show up for dinner the US president is scheduled to host on May 22nd.
As of April 23, the official Trump Memocoin website provided the opportunity for “Top 220” holders to meet in person at a golf club in Washington, DC. At the time of publication, the event’s guest list was unknown, but the project stated that it had to pass the background check and that it “cannot come from a watchlist country (who knows the customers)” and could not have additional guests.
Released on January 17th before the then presidential election took office, Memecoin has been heavily criticized by the crypto industry and lawmakers to allow foreign officials and interest groups to send money directly to the US president without proper disclosure and oversight. The team behind the project controls 80% of the total supply, but the identities of many of the other top token holders are largely unknown.
The price of Trump Memecoin surged from about 52% to $9.30 to $14.20 shortly after dinner was announced. After the token was released on January 17th, the project’s market capitalization rose to around $15 billion, down more than 50% by January 20th.
Related: US lawmakers say Trump Coin could put national security at risk
Trump’s wife released Melania’s Memocoin on January 19th. The token continued to move in Trump’s price, but as of April 23, it had fallen by more than 90% from its all-time high of $13.73. Blockchain data shows that the project’s team moved about $30 million of its token community fund in April.
Crypto Campaign
During his first term in 2019, Trump said he was “not a fan” of cryptocurrencies like Bitcoin (BTC), and later compared the coin to “scam.” However, he appeared to shift his campaign strategy when he ran for office again. He releases his own inappropriate lines of tokens, accepts crypto donations, and appears at crypto-themed events and meetings.
https://www.youtube.com/watch?v=sumyysrjvzm
Before the 2024 election, Trump arranged a similar dinner in Florida, and a similar dinner with supporters who purchased the “Mugshot” NFTS. It featured photos of the then candidates in surrender to Georgia authorities in connection with an attempt to overturn the 2020 election. It is unclear whether any of the same individuals who participated in the May 2024 event are one of the top Memocoin holders.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
