Trump’s Meme Coin Dinner Leaves Guests Losing Millions

Donald Trump is set to host a dinner Thursday evening at his golf club near Washington, D.C., honoring the top holders of his branded cryptocurrency, $TRUMP. However, a new report from The Guardian reveals a significant number of those invited are actually facing substantial financial losses due to the volatile nature of the meme coin.

The event, initially announced last month, promised a gala for the top 220 $TRUMP holders, with the top 25 gaining access to a private reception with the former president and the top four receiving a $100,000 luxury watch. The announcement briefly boosted the coin’s value by over 50%, but subsequent analysis of the Solana blockchain paints a concerning picture.

According to The Guardian’s investigation, 95 of the 220 winners – roughly 43% – have collectively lost $8.95 million since the coin’s January launch. One user, identified as “GAnt,” has reportedly lost $1.06 million, while another VIP attendee, “Meow,” is down $621,000.

The event has sparked criticism, with some alleging a “pay-to-play” dynamic. Notably, topping the leaderboard of $TRUMP holders is Justin Sun, a crypto billionaire previously charged with market manipulation – charges later dropped by the SEC.

While many attendees are in the red, the Trump family appears to be profiting handsomely. According to blockchain analytics firm Chainalysis, companies controlled by the Trump family hold 80% of the remaining $TRUMP coins and have earned $320.19 million in fees, including $1.35 million following the dinner announcement.

The White House has dismissed concerns about a potential conflict of interest, with press secretary Karoline Leavitt arguing that voters elected Trump, in part, because of his past business success.

This situation highlights the inherent risks associated with meme coins and the potential for exploitation, particularly when intertwined with political figures. While Trump’s supporters may view his financial gains as a testament to his business acumen, the losses suffered by many of his invited guests raise serious ethical questions about the event and the promotion of a highly speculative asset. The dinner appears less a celebration of success and more a demonstration of the widening gap between those who profit from the crypto craze and those left holding the bag.