A cryptocurrency linked to President Donald Trump surged more than 50% in value Wednesday after its website announced an exclusive dinner with the former president for the top 220 holders of the $TRUMP meme coin. The coin's market capitalization jumped to $2.7 billion, according to CoinMarketCap, making it the day's top-performing digital asset.
"Have Dinner in Washington, D.C. With President Trump," the token's website states. The dinner, described as black-tie optional, is scheduled for May 22 at Trump National Golf Club in Washington, D.C., with a VIP reception planned for the top 25 holders. A White House-themed tour is also set for the following day.
The promotional offer sent $TRUMP's price soaring to $14.32, up from $9.02 the day before. That gain follows months of sharp declines - the coin debuted in January and reached a peak of $75.35 before losing over 80% of its value.
"The more $TRUMP you hold - and the longer you hold it - the higher Your Ranking will be," the website says. Rankings are determined by the average holdings of coin owners between April 23 and May 12.
CIC Digital LLC and Fight Fight Fight LLC, both linked to the Trump Organization, control 80% of the token supply, which is subject to a three-year vesting period. Only 20% of the tokens are currently in circulation, raising concerns among analysts that Wednesday's rally could allow insiders to cash in once vesting periods begin to expire.
The White House and the Trump Organization did not respond to requests for comment. According to the promotion, top wallet holders will "hear close-up, from President Trump, about the future of Crypto!"
Critics quickly denounced the offer as unethical. Sen. Chris Murphy (D., Conn.) described the promotion on social media as the ”most brazenly corrupt thing a President has ever done." Tony Carrk, executive director of Accountable.US, said Trump "is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank."
The offer comes amid broader scrutiny of celebrity-linked cryptocurrencies, known as meme coins. These tokens often lack underlying products or services and are driven by social media hype. Trump and former First Lady Melania Trump both launched their respective tokens - $TRUMP and $MELANIA - before his January inauguration. Both saw initial spikes in value before suffering major losses.
The SEC has so far declined to classify meme coins as securities, providing a buffer from immediate regulation. Still, the ethical implications of Trump's promotion are likely to draw increasing attention as campaign season accelerates and cryptocurrency markets continue to intersect with political influence.
