US President Donald Trump hosted a extremely publicized crypto dinner on Could 22 for prime holders of the TRUMP memecoin, attracting a mixture of crypto elites and public figures from throughout the globe.
The unique occasion, first introduced in April, was reserved for the highest 220 TRUMP token holders. The 25 largest holders obtained VIP entry, together with a non-public reception with Trump earlier than dinner.
Based on information from CryptoRank, the attendees collectively held round $394 million price of the TRUMP token earlier than the occasion. Notably, 72% of friends got here from outdoors the US, highlighting the memecoin’s international attraction.
In the meantime, TRON founder Justin Solar topped the checklist of attendees with a $19 million stake within the TRUMP token, whereas the typical visitor held roughly $1.79 million in TRUMP. The median funding within the digital asset was about $348,000.
Who attended TRUMP’s dinner?
Whereas Trump’s workforce didn’t publish an official visitor checklist, social media posts and blockchain information helped verify a number of attendees.
These included Justin Solar, Vincent Liu of Kronos Analysis, Synthetix founder Kain Warwick, Magic Eden CEO Jack Lu, and unnamed representatives of crypto tasks like Biconomy, Sonic SVM, and SolCex.
Others who noticed or self-reported on the occasion have been former NBA participant Lamar Odom, who just lately launched the ODOM token, MemeCore executives like Rudy Rong, and Russian-born crypto entrepreneur Nikita Anufriev.
The friends described the occasion as a uncommon convergence of worldwide crypto gamers, lots of whom flew in from Asia and Europe. Liu of Kronos mentioned:
“Listening to President Trump affirm his assist for crypto in particular person is each inspiring and deeply motivating.”
In the meantime, images shared on social media revealed a luxurious dinner that includes halibut, filet mignon, and a signature natural salad named after Trump.
Notably, Solar mentioned he obtained a Trump Tourbillon Watch on the dinner
TRUMP token dumps after dinner gala
Whereas the dinner was supposed to have fun the eponymous token’s success, market sentiment rapidly soured. Shortly after the occasion, the value of TRUMP dropped over 7% to $13.70, based on CryptoSlate’s information.
Blockchain sleuths revealed that almost half the gala attendees now not held TRUMP tokens of their wallets. In actual fact, 92 of the 220 eligible wallets had absolutely exited their positions earlier than the occasion.
Moreover, the token balances amongst prime holders declined from 11.3 million to 7 million post-dinner.
Furthermore, the glitz of the occasion additionally attracted warmth from demonstrators and US lawmakers alike, who criticized the occasion as a pay-to-play scheme.
Senator Chris Murphy referred to as the gala “corrupt” and demanded that Trump launch the official visitor checklist if the dinner was official.
He mentioned:
“Trump’s meme coin is designed to facilitate corruption. You may pay Trump secretly, which will get you secret particular entry to the President. If Trump’s dinner with the highest coin patrons was legit, he would launch the checklist of attendees. Nevertheless it’s corrupt. So the checklist stays hidden.”