U.S. President Donald Trump is planning a private dinner with the top holders of his official memecoin (TRUMP) on May 22, 2025, as interest and scrutiny surrounding the memecoin continue to grow.
According to the memecoin’s official website, the top 220 holders of the TRUMP token are eligible to attend the dinner at Trump’s golf club in Washington, D.C. The invitation is subject to a background check, and applicants must not be from countries flagged on Know Your Customer (KYC) watchlists.
This is not the first time the former president has offered exclusive access to supporters through crypto initiatives. In 2024, he hosted a similar event in Florida for those who purchased “mugshot” NFTs, based on his booking photo from his surrender to authorities in Georgia. It remains unclear whether any of the attendees from the previous event are among the current top TRUMP token holders invited to the May dinner.
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TRUMP memecoin gains over 52%
The announcement, made public on Wednesday, triggered a significant market response. Notably, the price of the TRUMP token surged approximately 52% on Wednesday, rising from $9.30 to $14.20 within hours of the event details being published. However, the memecoin has retraced to $12.33 at the time of writing, boasting $2.47 billion in market cap.
Launched on January 17, 2025, just days before Trump assumed office, the memecoin saw an initial market capitalization of around $15 billion. However, it quickly dropped by more than half within days following a massive sell-off of the token.
In the same vein, Trump’s wife, Melania Trump, also launched a token dubbed MELANIA on January 19, 2025. The meme token has since declined over 90% from its peak price of $13.73.
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Trump faces scrutiny over memecoin launch
Trump’s involvement in the memecoin project has drawn criticism from the crypto community and several political figures. Particularly, concerns have been raised over the potential for the meme token to serve as a channel for foreign interests and anonymous donors to contribute financially to a sitting president without proper regulatory oversight.
Also, the project’s team controls approximately 80% of the total TRUMP token supply, and the identities of other major holders remain largely unknown. Further scrutiny was drawn in April 2025 when on-chain data revealed that the TRUMP project’s team moved roughly $30 million in community funds. To date, the purpose and destination of these funds have not been officially disclosed.
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Despite stating in 2019 that he was “not a fan” of cryptocurrencies, Trump has taken a markedly different approach toward crypto since becoming the 47th U.S. president. He has embraced blockchain-based assets, including non-fungible tokens (NFTs), accepted crypto donations, and appeared at several crypto events. Interestingly, among the numerous executive orders signed by Trump since taking office as president was the establishment of a U.S. strategic bitcoin reserve and digital asset stockpile.
