Trump Meme Coin Spike 58% Value after Top Holder Promises a Private Dinner with the President
President Trump’s supported memocoin spiked its value on Wednesday after the token founder promised that the top holder could have dinner with America’s first “crypto president.”
Prices Trump’s Memecoinknown as $Trump, surged 58% within an hour on Wednesday after the token Website The owner of the Top 220 has announced that he will be invited to meet the president on May 22 at his golf club near Washington, D.C. “Intimate Private Dinner” includes a speech from Trump about the future of Crypto. The top 25 owners will be invited to the “VIP Reception” and will be on a White House tour.
The guest list for the “Black Tie Options” event is Leaderboard This will track the average $Trump Holdings of investors from April 23rd to May 12th. The current top holder owns 400,005 tokens worth $5.2 million at the current price of $13.01.
“The competition is fierce,” the website said. “Please let the President know how many card coins you own!”
Card tokens will be unlocked
Later last week, the $40 million Trump token will be released to Memecoin creators and Trump-affiliated CIC Digital. Unlock the token lock. Unlocking reduces the value of tokens by increasing the available supply, and is known to be that token insiders often throw away their holdings for profit.
Despite fears that the Trump team would choose to sell, there were no major sales over the weekend, according to blockchain data company Chain Orisis. This led to an increase in investor confidence in the lifespan of the token and a 10% conflict of value. In fact, the tokens scheduled to be released last week remain locked for another 90 days, according to Trump’s Memo Coin Account. I wrote it Above x on wednesday.
Trump-related companies are expected to hold 80% of the token supply after they are all released by 2028. Given that Trump’s value has dropped 90% since its first launch, dinner is an effort to support the price of tokens and maximize the value of future sales holders, said Dylanbain, an analyst at research firm Messari. luck.
“Given the massive drop in tokens since launch, they’ll want to avoid setting aggressive sales precedents, especially the majority of tokens are still locked for the next 24 months,” he said.
Conflict of interest
Dinner emphasizes a Conflict of interest Created by President’s Memo Coin. During Trump’s first presidency, ethics groups criticized the president’s use of various hotels by people both at home and abroad due to problems before the government. This time, a sequence of Trump’s crypto ventures, including his Memecoin and Defi Company’s World Liberty Financial, presents an easier and anonymous way to potentially fund or affect the president.
The legality of Trump Memecoin remains in the grey realm. “There is little precedent for a president to become the owner of public assets, especially meme assets,” said Jordan Libowitz, Vice President of Watchdog Citizens for Washington’s responsibility and ethics. luck.
However, the White House denies Memocoin presenting ethical issues. “President Trump’s assets lie in a trust managed by his children,” said Anna Kelly, deputy reporter secretary at the White House. luck. “There is no conflict of interest.”
This story was originally introduced Fortune.com