"$TRUMP Meme Coin Dinner with Trump" Event Causes 60% Surge

Controversy Over Personal Gain

U.S. President Donald Trump announced on the 23rd (local time) that he would host an informal dinner for investors who purchased his issued cryptocurrency '$Trump'. As a result, investors flocked to this cryptocurrency, causing the coin price to surge by over 60%. The president is once again embroiled in controversy for allegedly seeking personal gain using his public position.

On this day, the 'Trump Meme Coin' side posted a popup on their website inviting coin investors to meet President Trump. They announced that they would invite the top 220 based on the average coin balance between today and the 12th of next month, and the leaderboard would be released in real-time. Invitees can attend a private dinner held at 'Trump National Golf Club', 40 minutes by car from the White House, on the 22nd of next month, and the top 25 investors among them will also be invited to a welcome event and a VIP tour of the White House before the dinner.

The meme coin side stimulated hopefuls with phrases like 'a specially limited, once-in-a-lifetime invitation'. They also encouraged purchases by saying, "The more you hold, the longer you hold, the higher your rank will be." As a result, the coin price soared to $14.6 in the afternoon, a 60.6% surge compared to 24 hours ago. However, it is still lower than the peak price (about $75) when the meme coin was unveiled ahead of the inauguration ceremony last January.

Dylan Bain, an analyst at cryptocurrency data analysis firm Messari, analyzed, "It's a strategy to get people interested again and buy coins as the coin price has dropped since the cryptocurrency launch."

The invitation has sparked controversy over President Trump's pursuit of personal gain. This is because 80% of the coin's circulation is held by two affiliates of the Trump Group. The New York Times (NYT) pointed out, "Businesses related to President Trump own a significant amount of $TRUMP coins," and "Every time the price of $TRUMP rises, at least on the books, the president personally benefits."

Corey Frayer, who oversaw cryptocurrency policy at the U.S. Securities and Exchange Commission (SEC) during the Biden administration, told the NYT, "(The investor dinner invitation) is truly unbelievable," and "It blatantly reveals the so-called 'pay-to-play' deal where you have to pay to receive benefits."

The Wall Street Journal (WSJ) also reported, "President Trump ignores criticism that the Trump family's cryptocurrency business causes a clear conflict of interest while overseeing digital asset regulation."

Last month, on the 11th, President Trump was criticized for promoting a specific product when he test-drove a Tesla 'Model S' alongside Elon Musk, CEO of Tesla, head of the Department of Government Efficiency (DOGE), on the White House grounds.

Reporter Han Kyung-jae