President Trump Announces Exclusive Memecoin Dinner

President Trump announced plans to host a private dinner with the top holders of his $TRUMP memecoin, sparking both market excitement and political backlash.

The event, scheduled for May 22 at Trump National Golf Club near Washington, promises attendees an “intimate private dinner” with the president to discuss the future of cryptocurrency.

According to the announcement made on April 24, the top 220 holders of the $TRUMP token will earn spots at the dinner, with the top 25 holders receiving special VIP treatment, including a pre-dinner reception with Trump and a White House tour the following day.

The promotion runs from April 23 to May 12, with a leaderboard tracking top holders to determine who makes the exclusive guest list.

How the $TRUMP Coin Works

The $TRUMP memecoin launched in January 2025, shortly before Trump’s inauguration. Unlike many cryptocurrencies that claim to have functional utility, the $TRUMP token offers no specific product or service according to its website.

Here’s what we know about the coin’s structure:

• Approximately 80% of the token supply is controlled by the Trump Organization and affiliated entities
• The coin operates with a built-in fee mechanism that routes a percentage of each trade to wallets controlled by the project’s creators
• Most tokens remain locked under a three-year vesting plan, with coins gradually becoming available over time
• Since its January launch, trading has reportedly generated over $324 million in fees for insiders
• The coin’s value jumped more than 50% after the dinner announcement, reaching a market value of approximately $2.7 billion

The recent dinner announcement triggered nearly $900,000 in additional trading fees over just two days, according to blockchain analysis company Chainalysis.

Ethics Concerns and Political Reaction

Democratic Senators Elizabeth Warren and Adam Schiff have requested an ethics investigation into the dinner promotion. In a letter sent to the Office of Government Ethics (OGE) on April 25, they raised concerns that the setup creates a “pay-to-play” situation where the president appears to be selling access in exchange for investments that benefit him financially.

Their specific concerns are wide-ranging. The senators worry the promotion could violate federal ethics rules by offering exclusive presidential access to those who invest in Trump’s business venture.

They’ve also expressed alarm that foreign individuals or entities could potentially buy political influence through anonymous $TRUMP token purchases.

Reports suggest some $TRUMP investors have ties to foreign exchanges or received funds from crypto platforms banned in the U.S. Additionally, the promotion lacks transparency, as the leaderboard only shows usernames, making it difficult to identify who is actually paying for access.

Senator Chris Murphy of Connecticut called the promotion “the most brazenly corrupt thing a President has ever done. Not close.”

This isn’t Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a President has ever done. Not close. https://t.co/CpDuxmS13d

— Chris Murphy 🟧 (@ChrisMurphyCT) April 23, 2025

The coin’s price experienced volatility following these events – first surging after the dinner announcement, then falling about 18% the next day, before rising again after the Warren-Schiff letter became public.

Craig Holman, a lobbyist for consumer advocacy group Public Citizen, criticized the promotion as “buying influence with the president,” saying it contradicts Trump’s earlier claims that his wealth meant he couldn’t be bought.

President Trump and His Growing Crypto Empire

The $TRUMP memecoin is part of a broader push by the Trump family into digital assets. Other ventures include:

• The $MELANIA memecoin
• World Liberty Financial, a decentralized finance venture that has raised $550 million across two token sales
• Previous collections of Trump-themed non-fungible tokens (NFTs)
• Reported deals between Trump Media & Technology Group and crypto companies to launch ETFs focused on US-linked assets

These projects have created new revenue streams for Trump at a time when his administration has reduced regulatory oversight of cryptocurrency.

Ethics experts note that while the promotion raises serious ethics concerns, it may not necessarily be illegal. The president is exempt from federal conflict-of-interest laws that apply to other government officials, though the Office of Government Ethics has historically advised presidents to voluntarily follow those standards.

For now, the memecoin promotion continues, with hopeful attendees buying tokens to climb the ranks for a chance at dinner with the president.

Whether this represents a new frontier in political fundraising or an unprecedented ethics breach remains a hotly debated question as the crypto and political worlds continue to collide in unexpected ways.