TRUMP Coin Contest Ends, Foreign Holders Spark Scrutiny

Coin WorldTuesday, May 13, 2025 4:09 pm ET
1min read

The TRUMP coin contest has concluded with the distribution of NFTs and the announcement of a loyalty program, but the event has sparked scrutiny over the identities of the top holders. The gala dinner contest, which ended with a flourish, included NFT rewards and a loyalty program designed to convert casual holders into dedicated supporters. However, the contest has raised legal and political concerns due to the involvement of foreign-linked wallets and shifting prize language.

The contest officially ended with the top 220 holders receiving exclusive access to a high-profile gala dinner. All participants were awarded NFTs, but the real twist is the introduction of a special “Diamond Hand” NFT for those who do not sell their TRUMP tokens before the event on May 22nd. This move is aimed at discouraging sell-offs and inflating perceived market strength. The organizers also teased the “Next Era of TRUMP” alongside a new Trump rewards points program, stating that “DIAMOND HAND Holders will also give you more TRUMP REWARDS POINTS!”

The top coin holders have raised eyebrows due to their global connections. Leading the pack is “Sun,” a wallet holding $16.6 million in TRUMP, allegedly linked to a foreign crypto exchange advised by a Chinese billionaire. This individual recently shared a stage with Eric Trump in Dubai and is a key investor in

, another Trump-linked crypto venture. The second-largest holder, “MeCo,” tied to a Singapore-based entity, openly solicited tokens to climb the leaderboard. Despite rules favoring time-weighted holdings, at least 17 of the top 220 wallets held zero TRUMP as of Monday.

As the Official Trump’s [TRUMP] ecosystem grows, scrutiny intensifies. The dinner contest’s fine print now distances the event from the White House, naming Fight Fight Fight LLC as the organizer and listing President Donald Trump only as a “guest.” Concerns are rising over top holders with foreign ties and possible political motives, sparking debates on pay-to-play optics and regulatory evasion. Critics argue that the rewards system may verge on market manipulation, while others see the SEC’s quiet retreat from prosecuting major investors as a troubling signal. The involvement of foreign investors and the shifting language around the contest’s prizes have raised questions about the memecoin’s intent and the potential for political impropriety or more concerning issues.