Donald Trump is hosting a dinner for the top 220 holders of his $TRUMP memecoin at his Virginia golf club today.
The $TRUMP token has been extremely volatile, and more is expected over the next few days.
Tron founder Justin Sun, who holds the largest amount of $TRUMP tokens ($19 million worth), is a controversial guest due to his past legal issues.
Blockchain analysis reveals that most of the top $TRUMP token holders invited to the dinner are non-U.S. citizens.
The dinner shows how politically branded memecoins like $TRUMP are becoming a major force within the crypto space.
President Donald Trump is hosting an exclusive dinner today at his Virginia golf club.
This event, set to take place less than 24 hours from the time of publishing, will be attended not only by fellow politicians or donors but also by the top 220 holders of the $TRUMP memecoin.
While the gathering promises to be a celebration of Trump’s growing crypto empire, it is also drawing in some steam from critics and proponents.
Here’s an unpacking of what the dinner really means for Trump and the crypto space as a whole.
The $TRUMP token is associated with Trump’s brand and promoted through his Truth Social account.
Said asset launched in January of this year and was greeted by immense hype.
It is backed in part by Trump’s family through World Liberty Financial, with 80% of the token being controlled by the Trump Organization and other related entities.
The Trump dinner and attendees
This token spiked to a $15 billion market cap shortly after its launch and has so far been driven by viral support and Trump’s promotion.
However, like most memecoins, it has been extremely volatile.
After dropping from nearly $100 per token between January and late-February, the cryptocurrency jumped again in April when Trump announced that the top 220 holders would be invited to a gala dinner.
That announcement temporarily drove the token’s market cap back up to $2.7 billion.
So far, the guest list for this dinner has been finalized as of 12 May, and now those with the most $TRUMP tokens will meet the crypto president face-to-face.
One of the most controversial guests on the list is Tron founder Justin Sun.
Sun announced recently via social media that he controls the wallet holding the largest amount of $TRUMP.
Justin Sun invited to the gathering
This means that Sun alone held about $19 million worth at the time of the tally.
Sun, a Chinese-born entrepreneur and blockchain mogul, has a long history in crypto. However, he also has multiple legal issues including civil fraud charges from the U.S. SEC.
His wallet reportedly made a $4.5 million purchase of $TRUMP tokens after Trump’s dinner announcement, which further cemented his position as a top holder and VIP tourist of the white house.
Sun also previously spent $75 million through World Liberty Financial and currently serves as an adviser to the Trump-affiliated crypto venture.
Considering his financial ties and open political alignment, Sun’s presence at the dinner has been a major source of buzz on the internet.
According to blockchain data from firms like Inca Digital and Bloomberg, the majority of wallets on the $TRUMP leaderboard are linked to non-U.S. citizens.
Many of these wallets are associated with international exchanges like Binance, which doesn’t service U.S. users.
In fact, Bloomberg’s analysis showed that 19 of the top 25 wallets are almost certainly controlled by individuals operating outside the U.S.
This includes MemeCore, a crypto network based in Singapore, as well as an unnamed Australian entrepreneur who also secured a spot at the dinner.
The international attendance list has raised issues about who is actually holding influence over the Trump crypto ecosystem, and why.
Overall, while some have gained millions, others have lost big.
According to Inca Digital, over 560,000 wallets have made a combined $5.2 billion in realized gains on the $TRUMP token.
Yet, a larger number of about about 593,000 wallets have lost a total of $3.9 billion.
So far, critics like Senator Richard Blumenthal of Connecticut have warned that Trump’s crypto ties could serve as a backdoor for foreign interests to influence the president.
The concerns have only grown louder as companies like Freight Technologies, a small Houston-based logistics firm, admitted to purchasing $2 million in $TRUMP tokens in hopes of swaying U.S.-Mexico trade policy.
Overall, Trump’s $TRUMP token dinner is more than just a celebration of digital finance.
It shows just how much crypto is influencing the future, while becoming a politically influential form of money alongside.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.