Trump’s Meme Coin Value Surges After Dinner Invitation

US President Donald Trump has prompted fresh conflict of interest concerns over a dinner invitation to the leading holders of his crypto coin.

It was just before his inauguration that both Donald and Melania Trump had launched their own cryptocurrencies, known respectively as $TRUMP and $Melania, which had surged in value as the new President took office.

Indeed $TRUMP soared from about $6 to $75. But within days of the inauguration the value of Trump’s meme coin crashed, until this week after a private gala dinner invitation for the coin’s top 220 holders.

Dinner invitation

After the announcement the $TRUMP coin rose by more than 50 percent to trade at about $14.70. It fell back slightly to $12.30 in trading on Thursday, according to CoinMarketCap.

“Have Dinner in Washington, D.C. With President Trump,” reads the message on the front page of the Trump coin’s website, which also claims it is “the most EXCLUSIVE INVITATION in the world.”

The dinner is slated for 22 May and black tie is optional and will be held at Trump’s “private members-only club in Washington DC.”

In addition, there will be a reception for the top 25 wallets.

And the invitation says a “VIP White House Tour” will take place the following day.

Meme coins are digital tokens inspired by trends such as viral moments and have no inherent utility. They typically fall in value after an initial strong rally, the Guardian noted.

The launch of coins for Trump and his wife Melania has prompted experts to accuse the President and First Lady of “shameful” conflicts of interest.

Last November it had been reported that Donald Trump’s social media company (Trump Media and Technology Group or TMTG)) had been in advanced talks to buy Bakkt, a cryptocurrency trading platform majority-owned by International Exchange, the parent company of the New York Stock Exchange.

Trump and crypto

Donald Trump’s backing of cryptocurrencies comes after he had previously labelled crypto a “scam.”

However during the 2024 election campaign, Trump became the first presidential candidate to accept digital assets as donations.

Trump then also stated he would create a strategic Bitcoin stockpile and would appoint financial regulators with a more positive stance towards digital assets.

In January Trump signed an executive order setting up a cryptocurrency working group aimed at bringing in crypto-friendly policies.

And Trump’s pick for chairman of the SEC, Paul Atkins pledged a “rational, coherent, and principled approach” for digital assets, if he is chosen to lead the US financial regulator.

Earlier this Trump’s US Justice Department (DoJ) revealed it was disbanding a team of prosecutors who targeted cryptocurrency crimes, and is shifting its focus away from complex crypto-related cases involving banking and securities law.