Donald Trump meme coin is back in the news as the top 220 holders eagerly wait to find out if they have won an invitation to dine with the former president. This coin, launched just days before Trump’s inauguration, has stirred up a lot of attention and controversy.
The Solana-based token initially surged to $75. However, after its launch, the price dropped and settled at around $12.32. Even though the coin’s price fell, the promise of special perks has brought back attention to the token. One of these perks is an exclusive gala dinner and private VIP reception, which will take place on May 22 at Trump’s country club.
Exclusive Perks for Coin Holders
The Trump-affiliated website, GetTrumpMemes.com, explains that the top 220 winners will be selected based on “time-weighted” holdings between April 23 and May 12. This means that those who have held the coin for a longer time will have a better chance of winning. The top 220 wallets hold $160 million in time-weighted holdings. Interestingly, a Seychelles-based exchange called HTX, which is linked to advisor Justin Sun, tops the leaderboard with $18 million.
As of now, the total market cap of $TRUMP Official Trump is $2.74 billion. Most of the remaining supply is controlled by entities that are connected to the Trump family, which hold 80% of the supply. Since its launch, these entities have made over $320 million in fees.
Another Trump Coin in the Works?
On May 12, rumors started to spread that Truth Social, which is owned by Trump Media & Technology Group, might be launching a new meme coin. This new coin would be similar to the official Trump coin. The introduction of new coins would follow the launch of TRUMP and MELANIA meme coins earlier in January. Both of these coins saw huge price drops after their initial surges in value.
Despite the popularity of the coin, there are growing ethical concerns. The Trump Organization claims that Trump’s assets are managed in a trust by his children. However, some critics believe that this new coin project could be corrupt. Senator Chris Murphy has called the coin “the single most corrupt act ever committed by a president.” He warned that it could lead to foreign donors secretly buying influence in U.S. politics.
Profits for Big Investors and Losses for Small Wallets
Data shows that big investors have made significant profits from the coin. Large investors have earned over $1.5 billion, with $48 million in profits since the announcement of the dinner. However, things are not looking good for the smaller investors. Around 600,000 wallets, many of which bought the coin on secondary markets, have collectively lost $3.87 billion.
The news about this coin continues to make headlines. Some people see it as a new way for the Trump family to make money, while others see it as another controversial move by the former president.
