President Donald Trump's struggling meme cryptocurrency rebounded sharply after the announcement of an exclusive dinner invitation for the token's largest holders, with the TRUMP coin surging more than 60% to $14.32 on Wednesday before settling at approximately $12.50.
What to Know:
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Top 220 TRUMP coin holders invited to private dinner with President at Trump National Golf Club on May 22
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Token surged 60% to $14.32 following announcement, recovering from 90% drop since January peak
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Critics allege monetization of presidential power, calling it "the most brazenly corrupt thing a President has ever done"
The sudden price surge comes after months of steep decline from the token's January peak of $75.35, following the April 23 announcement that qualified investors would receive "the most exclusive invitation in the world."
According to the official website, the top 25 investors will also receive a guided White House tour and special reception with the President himself.
Trading volume spiked more than 500% to $5.04 billion in the 24 hours following the announcement, according to CoinMarketCap data. The invitation explicitly incentivizes large-scale purchases, stating that "the more TRUMP you hold — and the longer you hold it — the higher your ranking will be" during a qualification period from April 23 to May 12.
Political Backlash Intensifies
The announcement has drawn immediate criticism from Democratic lawmakers and ethics watchdogs who argue that Trump is leveraging his presidential power for personal financial gain. Sen. Chris Murphy (D-CT) condemned the initiative on social media, calling it "the most brazenly corrupt thing a President has ever done. Not close."
Business entities connected to the Trump family reportedly maintain substantial TRUMP coin reserves and profit from transaction fees. A January report documented nearly $100 million in revenue from these fees during the cryptocurrency's initial trading period.
House Financial Services Chair Frank Hill (R-AR) acknowledged the complications Trump's cryptocurrency activities pose for legislative efforts, while other critics like X user Dday suggested the dinner offer might extend "a long way outside the realm of his Presidential duties and subject to legal recourse."
Trump's Expanding Crypto Portfolio
The TRUMP coin represents only one component of Trump's cryptocurrency ventures. Last fall, Trump and his sons launched World Liberty Financial (WLFI), which claims to have sold 550 million tokens to date.
The dinner announcement marks a significant attempt to reverse the token's precipitous decline from its January highs. While the immediate price surge has recovered some ground, the cryptocurrency remains far below its peak value, trading at only 16% of its all-time high. The controversy surrounding the dinner invitation could further complicate the token's market performance and Trump's broader crypto initiatives.
The May 22 event at Trump National Golf Club in Virginia represents an unprecedented intersection of presidential access and cryptocurrency investment, raising new questions about the boundaries between political office and digital asset promotion.
