Overview
- The top 220 time-weighted holders of the $TRUMP meme coin, totaling $160 million in holdings, have been invited to a gala dinner with President Trump on May 22, with the top 25 gaining VIP access.
- Blockchain analysis reveals that 18 of the top 25 $TRUMP holders are linked to foreign exchanges, raising concerns about anonymous foreign influence on the U.S. president.
- Ethics experts and Democratic lawmakers have criticized the initiative as a conflict of interest, with Senator Richard Blumenthal opening an ethics inquiry and others proposing legislation to bar officials from profiting off memecoins.
- The $TRUMP coin’s value has seen volatile trading, peaking at $75 before falling to $7.50 and stabilizing around $14, with large investors profiting $1.5 billion while retail holders have lost $3.9 billion.
- The Trump family controls 80% of the coin’s supply and has collected over $320 million in fees, further fueling allegations of self-enrichment and corruption.