Some of the top holders of Donald Trump’s memecoin could come out of the shadows to appear for a dinner the US President is planning to host on May 22.
As of April 23, the official Trump memecoin (TRUMP) website offered the opportunity for the “top 220” holders to meet the president in person in Washington, DC. At the time of publication, the guest list for the event was unclear, but the project stated any tokenholder who applied had to pass a background check, “can not be from a [Know Your Customer] watchlist country,” and could not have any additional guests.
The memecoin, which the then-president-elect launched on Jan. 17 before taking office, has been heavily criticized by the crypto industry and lawmakers for potentially allowing foreign officials and interest groups to send money directly to the US President without proper disclosure and oversight.
The team behind the project controls 80% of the total supply, while the identities of many of the other top tokenholders are mainly unknown.
The price of the TRUMP memecoin surged roughly 52% from $9.30 to $14.20 shortly after the dinner announcement. After the token launched on Jan. 17, the project’s market capitalization increased to roughly $15 billion before dropping 50% by Jan. 20.
This is a developing story, and further information will be added as it becomes available.