A majority of the top 25 Trump memecoin holders are reportedly based outside the US.
The valuation of the $TRUMP token stands at $2.86 billion
Photo Credit: Reuters
US President Donald Trump is set to host a special dinner for the largest holders of his $TRUMP memecoin on May 22. President Trump is reportedly expected to dine with 220 holders of the "Official Trump" token at the Trump National Golf Club in Potomac Falls, Virginia. On the heels of the upcoming event, the price of the memecoin surged by over 11 percent to trade at $14.27 (roughly Rs. 1,222) on international exchanges on Wednesday.
Meanwhile, a group of US senators and other individuals also plan to protest outside the golf course, accusing the President of using his political influence over the crypto market.
Guests have received a formal invitation to the event via email. The invite includes details on the dress code as well as timings for the event. All guests will reportedly need to submit to a background check before attending the gala
Earlier this month, a Bloomberg report had highlighted that a majority of the top 25 $TRUMP token holders used foreign exchanges to purchase the memecoin, indicating they were based outside of the US.
Justin Sun, the owner of the Tron blockchain, is among the VIP attendees of this gala dinner. At 1.4 million token holdings, Sun is listed as the largest holder of the memecoin. Sun confirmed Tuesday that he had received an invite to the event.
“I'm excited to connect with everyone, talk crypto, and discuss the future of our industry,” Sun said in a post on X.
Singapore-based crypto startup MemeCore is second on the Trump memecoin leaderboard and a representative from the company is likely to mark their presence, Fortune reported.
The 220 dinner guests collectively hold an estimated $147.5 million (roughly Rs. 1,261 crore) worth of the $TRUMP token, that was launched on January 17.
Robert Weissman from the nonprofit group Public Citizen is said to be organising the protest outside Trump's dinner venue. Democratic senator Jeff Merkley is also reportedly planning to join the protest.
President Trump's son Eric Trump told the press that “most of these people are paid to protest”.
At present, the Official Trump token ranks 37th on CoinMarketCap's crypto index. This means that the memecoin with the market cap of $2.86 billion (roughly Rs. 24,467 crore), is currently the 37th largest altcoin in the market.
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