President Trump will attend his top holder, token dinner next month Official website announced Wednesday.
Dinner with the president will be available to the top 220 owners of Trump, a meme coin he announced just before taking office in January. The event, scheduled for May 22 at a Trump golf club near Washington, D.C., is being touted as an opportunity to hear “in-person” from Trump about the future of cryptocurrency.
According to the website, the top 25 owners will also receive an invitation to a “exclusive” reception with the president and a “special” White House tour. Until May 12th, participants will be urging them to “hold as many cards as possible.”
“The more you hold a card and the longer you hold it, the higher your rankings,” the website reads.
Trump launched Memecoin days before the inauguration. It was followed by a similar token, named after his wife, Melania Trump. The President’s token quickly surged in value a few days after its release, jumping from $10 to about $70 in the first 48 hours.
However, its value sank in the next few months. $Trump was about $9 as of Wednesday morning. At the dinner announcement, I jumped at almost $15.
Both $Trump and $Melania are considered memecoin, a cryptocurrency that is heavily linked to the popularity of a particular person, group or internet trend. As a result, these tokens tend to be unstable assets.
The decision to launch the memecoin has received a complicated response from the crypto world despite the broader alignment between the president and the industry. Some expressed concern that tokens could shed negative light on Trump’s crypto efforts.
After fully embracing crypto during the 2024 campaign, Trump has become an important ally to the industry, appointing crypto-friendly candidates to lead the White House Securities and Exchange Commission (SEC) and the Department of Commerce, as well as the host industry leaders.
At the same time, the president’s various business ventures continue to expand their footprint in the crypto industry, sometimes causing scrutiny.
World Liberty Financial, a crypto venture launched by Trump and his sons last fall, announced plans to launch Dolbach’s Stablecoin last month. Trump Media & Technology Group, the parent company of Truth Social, has also announced a new partnership with Crypto.com and launched a series of Exchange Traded Funds (ETFs).
The hill reached the White House for comments.
