TRUMP Memecoin Holders' Wealth Surpasses $174M Ahead of Presidential Dinner

The top 220 holders of the TRUMP memecoin collectively possess over 13.7 million tokens, valued at approximately $174 million, ahead of a dinner with President Trump scheduled for May 22. The TRUMP memecoin team announced on May 12 that they would no longer consider additional purchases for the dinner event, and the top token holders have been notified to apply for background checks if they wish to attend.

The top 25 holders, designated as "VIPs," have an average holding of $4.8 million in TRUMP tokens each. These VIP holders will have access to an exclusive reception with the president and a special tour in addition to the dinner at Trump National Golf Club in Washington D.C. The amounts varied widely among participants, with the largest holder having tokens valued at more than $19 million.

Concerns have been raised about foreign influence as many token holders are reportedly based outside the U.S. This has sparked criticism from lawmakers and figures in the crypto industry, with calls for congressional oversight and even impeachment. Some representatives have refused to consider crypto-related legislation until their concerns are addressed. Companies seeking influence over Trump’s policies have also invested in the memecoin, with Freight Technologies announcing a $20 million investment in April.

The TRUMP token’s price spiked when the dinner was first announced in April but has since declined. To encourage holders to retain their tokens, the project has unveiled a new rewards program. Token holders who maintain their leaderboard balances until the May 22 dinner will receive a Solana NFT as a reward. The project also announced the start of a “Trump rewards points program” with its own leaderboard and badges. Details about this program are expected to be revealed soon, with the “next era” for the token to be announced at the dinner.

There is speculation that Tron founder Justin Sun and Tesla CEO Elon Musk could be among the attendees, as wallets with usernames “Sun” and “elon” have led to such speculation. Both are known Trump supporters with financial interests tied to the presidency. The largest holder, registered as “Sun,” held around 1.4 million TRUMP tokens valued at more than $19 million when the snapshot was taken. Due to the time-weighted calculation method used for the leaderboard, some users qualified for VIP status despite selling their tokens before the final snapshot.

Each invited guest must complete a background check to attend the dinner. The president’s attendance is not guaranteed. If he cannot attend or the event is canceled, attendees will receive a limited-edition Trump NFT instead. This is not Trump’s first appeal to crypto users. During his 2024 campaign, he hosted a dinner with supporters who purchased his “mugshot” non-fungible tokens. The president also spoke at a “$1.5 million-per-plate Crypto & AI Innovators Dinner” hosted by MAGA Inc. at Trump National Golf Club in Virginia on May 6.

Watchdog groups have criticized the TRUMP token leaderboard as a corrupt self-enrichment scheme. The event has intensified scrutiny and criticism, with lawmakers and industry figures calling for oversight and accountability. The dinner and the associated memecoin project highlight the intersection of politics and cryptocurrency, raising questions about influence, transparency, and national security.