US President Donald Trump hosted a extremely publicized crypto dinner on Could 22 for high holders of the TRUMP memecoin, attracting a mixture of crypto elites and public figures from throughout the globe.
The unique occasion, first introduced in April, was reserved for the highest 220 TRUMP token holders. The 25 largest holders acquired VIP entry, together with a non-public reception with Trump earlier than dinner.
In accordance with information from CryptoRank, the attendees collectively held round $394 million value of the TRUMP token earlier than the occasion. Notably, 72% of company got here from outdoors the US, highlighting the memecoin’s world attraction.
In the meantime, TRON founder Justin Solar topped the listing of attendees with a $19 million stake within the TRUMP token, whereas the typical visitor held roughly $1.79 million in TRUMP. The median funding within the digital asset was about $348,000.
Who attended TRUMP’s dinner?
Whereas Trump’s workforce didn’t publish an official visitor listing, social media posts and blockchain information helped affirm a number of attendees.
These included Justin Solar, Vincent Liu of Kronos Analysis, Synthetix founder Kain Warwick, Magic Eden CEO Jack Lu, and unnamed representatives of crypto tasks like Biconomy, Sonic SVM, and SolCex.
Others who noticed or self-reported on the occasion had been former NBA participant Lamar Odom, who not too long ago launched the ODOM token, MemeCore executives like Rudy Rong, and Russian-born crypto entrepreneur Nikita Anufriev.
The company described the occasion as a uncommon convergence of worldwide crypto gamers, lots of whom flew in from Asia and Europe. Liu of Kronos mentioned:
“Listening to President Trump affirm his help for crypto in particular person is each inspiring and deeply motivating.”
In the meantime, pictures shared on social media revealed a luxurious dinner that includes halibut, filet mignon, and a signature natural salad named after Trump.
Notably, Solar mentioned he acquired a Trump Tourbillon Watch on the dinner
TRUMP token dumps after dinner gala
Whereas the dinner was meant to rejoice the eponymous token’s success, market sentiment rapidly soured. Shortly after the occasion, the value of TRUMP dropped over 7% to $13.70, in line with CryptoSlate’s information.
Blockchain sleuths revealed that just about half the gala attendees now not held TRUMP tokens of their wallets. In reality, 92 of the 220 eligible wallets had totally exited their positions earlier than the occasion.
Moreover, the token balances amongst high holders declined from 11.3 million to 7 million post-dinner.
Furthermore, the glitz of the occasion additionally attracted warmth from demonstrators and US lawmakers alike, who criticized the occasion as a pay-to-play scheme.
Senator Chris Murphy known as the gala “corrupt” and demanded that Trump launch the official visitor listing if the dinner was authentic.
He mentioned:
“Trump’s meme coin is designed to facilitate corruption. You possibly can pay Trump secretly, which will get you secret particular entry to the President. If Trump’s dinner with the highest coin consumers was legit, he would launch the listing of attendees. Nevertheless it’s corrupt. So the listing stays hidden.”
