The official website of the meme coin 'Trump Coin,' associated with U.S. President Trump, announced on Wednesday local time that it will invite the top 220 investors by token holdings to dinner at a golf club near Washington on May 22, claiming there will be a chance to hear Trump share 'first-hand' information about the future of cryptocurrency.
In addition, the top 25 investors by token holdings will receive a private reception with Trump and a 'special edition' tour of the White House. The announcement urges participants to 'hold as many Trump coins as possible before May 12.' The website states: 'The more Trump coins you hold and the longer you hold them, the higher your ranking will be.' Thanks to this news, Trump coins have risen 50% in the past 24 hours, currently priced at $13.6 each.
Trump coins debuted this January, just before Trump's inauguration, signaling the president's willingness to embrace cryptocurrency and hoping it would create wealth for him and his family. Due to Trump's statements on Truth Social and X, saying: 'It's time to celebrate everything we represent: victory!', the project's market value nearly skyrocketed to $15 billion. However, it lost most of its value within days.
First Lady Melania Trump also launched her own token - $MELANIA. Its market value once exceeded $2 billion, but then fell along with$TRUMP a crash.
Shortly after the launch of the $TRUMP and $MELANIA tokens, the U.S. Securities and Exchange Commission (SEC) issued guidance stating that meme tokens do not qualify as securities, effectively protecting these projects from regulatory scrutiny.
So far, only 20% of the token supply is available for trading, with the remaining 80% held by insiders and locked according to a three-year unlocking plan. The first batch of tokens is expected to unlock soon, releasing millions of dollars worth of tokens for sale, potentially allowing Trump and project insiders to profit from Wednesday's surge.
Like most meme coins, this token has no underlying product or service. The project's website claims that 80% of the token supply is held by the Trump Group and its affiliates. (International Financial News)
