The fact that U.S. President Donald Trump is scheduled to have dinner with the top 220 holders of his "meme coin" $TRUMP has been revealed, causing the price of $TRUMP to soar.
On the 23rd (local time), the $TRUMP promotional website displayed a notice inviting people to "dinner with President Trump." It stated that the top 220 holders, based on the average balance of $TRUMP between that day and the 12th of the following month, would be invited to the Virginia golf club owned by President Trump. The top 25 investors are also said to have the opportunity to attend a welcoming event with President Trump, as well as a tour of the White House before the dinner.
As news of this event spread, primarily through social media, the price of $TRUMP soared to $14.6, over 60% higher than the previous 24 hours. However, it did not reach the record high of about $75 recorded before President Trump's inauguration in January.
A conflict of interest controversy has also emerged. This is because two affiliates of the Trump Group hold 80% of the circulating supply of $TRUMP. The New York Times (NYT) reported, "Enterprises related to President Trump own a substantial amount of $TRUMP coins," adding that "every time the price of $TRUMP rises, at least on the books, the president personally profits."
Cory Frayer, who supervised cryptocurrency policy at the U.S. Securities and Exchange Commission (SEC) during the Biden administration, said to the NYT, "It's too shocking," and noted, "They are explicitly stating the so-called 'pay-to-play' method, where you must pay to participate in the game."