Trump Gala Dinner Token Crashes 92.5% After Launch

An attendee of the exclusive Trump crypto gala dinner, held on Thursday, attempted to launch a Solana meme coin during the event. The attendee, who was among the top 220 holders of President Trump's official meme coin, used the platform Pump.fun to create the Trump Dinner (DINNER) token. The launch was documented in a video posted in a Telegram group, showing the attendee recording President Trump's speech and then launching the token using their phone.

The token initially gained some attention, peaking at a market cap of $450,000. However, it quickly crashed and failed to recover, leading to criticism from holders who labeled the deployer a "scammer" and called for "jail time." The token's failure can be attributed to several red flags that concerned meme coin traders. The deployer controlled nearly 10% of the total supply, which is more than double the amount considered socially acceptable. Additionally, 44% of the tokens were bundled across multiple wallets, giving the illusion that no single group or person had too much control over the coin.

Despite the initial hype, the token struggled to gain traction and crashed in price by 89% within minutes. The deployer attempted to address community concerns by offering to send part of their supply to the official TRUMP meme coin deployer wallet. However, they mistakenly sent the tokens to their own wallet, which further fueled the community's anger. The token briefly rallied to a $137,920 market cap after a video of the attendee's filet mignon was posted, but it quickly crashed again to $76,100.

Upset token holders took to social media platforms to voice their frustration, with some calling for the deployer to be held accountable. The community also pointed out the near 44% supply being bundled as a contributing factor to the project's failure. On-chain evidence showed that the deployer's wallet, despite owning 10% of the supply, never actually sold any tokens. The deployer's final video in the Telegram group showed staff packing up after handing out special edition watches to the top four TRUMP holders, with the deployer expressing disappointment as the DINNER token sat at a market cap of $58,000.

Despite the deployer's attempts to reassure buyers that it was still early, the token did not rise again and is currently sitting at a market cap of $14,350, down 92.5% from its all-time high. The failed launch of the DINNER token serves as a cautionary tale for those involved in the meme coin market, highlighting the importance of transparency and community trust in the success of such projects.