Trump's Memecoin: 19 Top Holders Linked to Foreign Exchanges

Donald Trump’s memecoin, the TRUMP token, has sparked significant attention and controversy, particularly regarding the identities of its top holders. According to an analysis, at least some of the top holders of the TRUMP token who apply to attend a private dinner with the could be based outside the United States. This revelation comes from an examination of the top 25 wallets on the leaderboard, which indicates that 19 of these wallets used foreign exchanges that exclude US-based customers. This suggests that these holders could either be foreign nationals or Americans living abroad. Furthermore, more than half of the top 220 holders, who are eligible to apply for the dinner, also used exchanges in other countries.

The identities of these top tokenholders and those who might choose to apply for the May 22 Trump dinner and “special VIP tour” remain unknown as of May 7. However, the project has stated that applicants cannot bring guests, must pass a background check, and cannot be from a Know Your Customer watchlist country. The implications of having dozens or hundreds of memecoin holders potentially tied to foreign governments and interest groups have raised ethics concerns from some US lawmakers. These concerns include claims that Trump is engaging in “pay-to-play” corruption, with at least one senator calling for the president’s impeachment, stating that Trump is “selling access for what are effectively payments directly to him.”

These memecoin concerns have also slowed down crypto legislation efforts. Democratic lawmakers in the House of Representatives and Senate have been pushing back against considering any crypto-related legislation until Republicans address concerns around “Trump’s crypto corruption.” The Senate is expected to vote on a bill regulating stablecoins, and House Republicans recently introduced a discussion draft of a digital asset market structure bill. The launch of the memecoin and its potential influence over the president and his agenda has already prompted some companies to get on board. On April 30, a trucking logistics management company announced a $20 million investment in the TRUMP token, suggesting influencing Trump’s trade war between the US and Mexico, where the firm conducts much of its business.

Then-president-elect Trump launched the memecoin on Jan. 17 — three days before taking office — followed by the first lady introducing her own token. Two companies connected to Trump control roughly 80% of the memecoin’s supply. The potential influence of the memecoin over the president and his agenda has raised questions about conflicts of interest and insider trading. The situation highlights the complex interplay between politics, finance, and digital currencies, and the ethical considerations that arise when high-profile figures engage in such ventures.