Trump's Meme Coin Gala Sparks 50% Price Surge, Impeachment Calls

Democratic Senator Jon Ossoff from Georgia has labeled President Donald Trump’s invitation to top meme coin holders as an “impeachable offense.” During a town hall meeting on Friday, Ossoff expressed his concerns, stating that Trump is granting audiences to individuals who purchase the meme coin, which directly enriches him. This move, according to Ossoff, constitutes “selling access for what are effectively payments” made “directly” to Trump, thereby rising to the level of an impeachable offense.

Ossoff’s comments come in response to the gala dinner invite announced on Wednesday for the 220 top holders of the Trump meme coin. The dinner, described as the “most exclusive invitation in the world,” is set to take place at Trump’s Private, Members-Only Club in Washington, D.C. on May 22. The top 25 holders will also gain access to an exclusive reception and a VIP tour, with Trump discussing the “Future of Crypto” at the event.

The official website for Trump’s meme coins reveals that about 80% of the supply is owned by two companies: CIC Digital LLC and Fight Fight Fight LLC, both part of a conglomerate owned by Trump. These companies act as market makers, ensuring liquidity and fulfilling trades, and charge fees between 0.1% and 10% of each trade. This setup allows Trump to indirectly benefit more from trading volume than from the price of his meme coin.

The invitation has sparked a trading frenzy, with the price of the meme coin surging by over 50% to approximately $14.50 following the announcement. However, the long-term prospects for the meme coin’s price are grim, with analysts predicting a likely slump. The invitation has also drawn widespread criticism, with Senator Chris Murphy from Connecticut calling it the “most brazenly corrupt thing a President has ever done.”

Senators Elizabeth Warren and Adam Schiff have urged the U.S. Office of Government Ethics to launch an “urgent inquiry” into the dinner announcement, citing concerns about potential “pay to play” corruption. Ossoff, meanwhile, is working on securing votes for impeachment, although the task is challenging with Republicans controlling the Senate. The impeachment process requires a formal inquiry by the House of Representatives and a two-thirds guilty vote in a Senate trial for removal from office.