Trump's TRUMP Token Dinner: 91% of Top Holders Likely Foreign

Donald Trump is organizing a private dinner for the top 220 holders of the TRUMP token, scheduled to take place on May 22 at his golf club in Virginia. The event has garnered significant attention due to the predominantly non-American nature of the guest list. Documents from a blockchain analytics company reveal that many of the top 275 TRUMP holders have connections to international exchanges that do not serve U.S. customers, indicating that they are likely not U.S. citizens. This analysis is supported by the finding that 19 out of the top 25 wallets are almost certainly controlled by individuals from outside the U.S.

One of the notable figures among the top holders is Justin Sun, a crypto entrepreneur and the founder of the Tron blockchain. Sun, who was born in China, has publicly disclosed his purchase of $75 million worth of the Trump family's World Liberty Financial token, with a significant portion of the proceeds going to Trump-related entities. Sun is believed to be at the top of the $TRUMP meme token leaderboard, holding over $18 million worth of the token, with $4.5 million bought after the dinner contest announcement. Despite multiple reports linking the wallet to Sun, a representative for Sun did not confirm whether he is the wallet owner.

Another significant investor is MemeCore, a Singapore-based crypto network that secured the second spot on the leaderboard with an investment of $18 million. An Australian crypto entrepreneur also reportedly made the cut, further emphasizing the international nature of the token's largest holders. The leaderboard also highlights the extreme volatility of the $TRUMP token. While 560,376 wallets have made a combined $5.2 billion in realized gains, an even larger number—592,962 wallets—have collectively lost $3.9 billion. This underscores the massive wealth transfer within Trump's crypto ecosystem, where early buyers have seen significant gains while the majority have suffered losses.

The $TRUMP token, which debuted in January just ahead of the inauguration, has become a central part of Trump's expanding crypto empire. The token soared to a $15 billion market cap almost instantly, fueled by President Trump's posts on Truth Social and X declaring, "It's time to celebrate everything we stand for: WINNING!" However, within days, the token lost most of its value. A brief revival in April saw it surge 50% on news of the dinner, pushing its market cap to $2.7 billion, before it again dropped.

The White House has stated that Trump's assets are held in a trust managed by his children, and there are "no conflicts of interest." However, concerns have been raised about the potential influence of foreign and corporate interests seeking access to the president through his growing crypto holdings. Freight Technologies, a Houston-based logistics firm, bought $2 million worth of the $TRUMP tokens to influence U.S.-Mexico trade policy, but finished in 250th place, missing the cut for the dinner.