The Trump-linked memecoin sparked a massive buying spree as investors rushed to qualify for an exclusive dinner with the former U.S. president.
The top 220 token holders were promised a seat at the May 22 event at his Virginia golf club — a deadline that triggered nearly $2 billion in token purchases.
But the hype didn’t last. Blockchain data shows that over 30 major holders dumped their positions just hours after qualifying, prompting a sharp price dip before a partial rebound. Traders appear to have used the dinner invite as an exit strategy, a move common in speculative crypto markets.
Critics say the model raises ethical concerns, as paying for access via an unregulated token blurs the line between campaign hype and influence-peddling. The token’s rapid rise and fall also renewed debates about how crypto sits in regulatory gray zones when tied to public figures.
Despite the controversy, the Trump Organization and partners reportedly earned over $320 million in trading fees since the token’s launch, including more than $1 million after the dinner promo alone. One wallet linked to HTX exchange holds $14.6 million in tokens — securing the top seat at the table.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/dinner-with-trump-sends-memecoin-soaring-then-crashing/
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