US President Donald Trump is leaning into the cryptocurrency world this month with two high-profile dinners focusing on each rich political donors and holders of the meme coin bearing his title — the $TRUMP token.
Collectively, these crypto-focused occasions may generate tens of millions in help and additional entrench Trump’s rising ties to the digital asset group.
The primary occasion, scheduled for Could 6, is a lavish $1.5 million-per-plate fundraiser, putting it among the many most costly dinners in American presidential historical past.
The occasion is hosted by MAGA Inc. and consists of particular visitor David Sacks, a outstanding enterprise capitalist and a vocal advocate for reshaping crypto and AI rules within the US.
Later within the month, on Could 22, Trump will host a second dinner at his non-public membership, Trump Nationwide within the Washington, D.C. space.
Uniquely, this one isn’t funded by money however by crypto.
Entry to the gala is being decided by a blockchain-based leaderboard contest, run by the creators of the $TRUMP meme coin.
Entry is granted to the highest 220 token holders by Could 12, with the highest 25 getting VIP entry and a non-public reception, together with a black-tie-optional “WIP White House Tour.”
This gamified marketing campaign tactic has pushed important consideration and worth to the $TRUMP token.
Because the announcement of the gala dinner, the token surged over 50%, lifting the on-paper worth of wallets held by early backers and challenge insiders.
Nonetheless, the setup has sparked controversy.
Watchdog group Accountable slammed the competition as “the most nakedly corrupt self-enrichment scheme in US presidential history,” citing considerations over the way it doubtlessly permits rich, and presumably international, people to purchase affect by crypto holdings.
Including to the criticism, the competition’s tremendous print features a disclaimer that Trump’s attendance is just not assured, and that within the occasion of cancellation, winners will obtain a Trump-themed NFT as a substitute.
In line with on-chain analytics agency Chainalysis, buying and selling exercise within the $TRUMP token has generated over $324 million in transaction charges since its January launch — funds largely routed to wallets managed by the token’s creators and, reportedly, Trump-affiliated entities.
The challenge’s web site claims that about 80% of the token’s provide is held by the Trump Group and related wallets.
To ease public scrutiny, the coin’s insiders have agreed to not promote their holdings for at the very least one other 90 days, in accordance with disclosures on the challenge website.