A cryptocurrency tied to former President Donald Trump surged over 60% on Wednesday following the announcement of an exclusive event offering top $TRUMP coin buyers a private gala dinner with the former president.
According to a promotional post on the coin’s website, the top 220 buyers of the $TRUMP token will be invited to a dinner on May 22 at the Trump National Golf Club in Washington, D.C. The top 25 holders will receive additional perks, including access to a private VIP reception with Trump and a “special tour.”
The announcement is the latest in a string of high-profile crypto ventures involving the Trump family, which have collectively generated hundreds of millions of dollars in fees. Among these initiatives are a recently launched crypto exchange, World Liberty Financial, and a strategic crypto shift by Trump Media & Technology Group (NASDAQ: DJT), where Trump holds a $3 billion stake.
Trump has positioned himself as a pro-crypto leader, pledging to become America’s “first crypto president.” His administration has already taken steps to loosen regulatory oversight on the digital asset sector, raising concerns among ethics groups about possible conflicts of interest.
Tony Carrk, executive director of government watchdog Accountable.US, criticized the latest offer as “a race to the bottom for presidential grifting,” warning of unprecedented risks of influence peddling. “There has never been a clearer case of a president using their office to put money in their pocket,” Carrk said.
In response, White House Deputy Press Secretary Anna Kelly stated that “President Trump’s assets are in a trust managed by his children. There are no conflicts of interest.”
The $TRUMP coin, which launched ahead of Trump’s January 20 inauguration, has seen extreme volatility. After peaking at $74.59, it plunged to a low of $7.14 on April 7. Chainalysis reported in March that the coin had already generated at least $350 million in fees for entities connected to Trump.
Market sentiment around the coin recently shifted after its developers delayed the unlocking of 40 million tokens by 90 days, calming investor fears of dilution.
The terms of the dinner offer note that Trump’s attendance is not guaranteed. In his absence, winners will receive a limited-edition TRUMP NFT as a substitute.
