Buyers of U.S. President Donald Trump’s $TRUMP meme coin shelled out an estimated $148 million in a bid to win a seat at a gala dinner with the president at his private golf club near Washington, D.C., on May 22.
Promoted by Trump as the “most EXCLUSIVE INVITATION in the world,” the event offered the top 220 holders of the meme coin entry to the gala, with the top 25 earning an ultra-private VIP reception and a “Special VIP Tour.” The competition’s rankings were based on “time-weighted” $TRUMP holdings, tracked from April 23 through May 12.
“Congratulations, if you’re in the top 220… President Trump will see YOU on May 22,” the official website, GetTrumpMemes.com, announced.
Despite the hype, the meme coin’s broader investor base has seen steep losses. Nearly 593,000 wallets have lost a combined $3.9 billion since the token launched in January.
The top wallet, identified as “SUN” with $18.5 million in holdings, is linked to Seychelles-based crypto exchange HTX. While HTX declined to comment, blockchain firm Arkham attributes the wallet to entrepreneur Justin Sun, a member of HTX’s advisory board and the largest known investor in Trump’s crypto ventures.
Sun, who reportedly invested $75 million into the Trump family’s crypto initiative World Liberty Financial, also serves as an advisor. Other top holders include firms based in Singapore and Hong Kong.
The event’s terms and conditions note Trump’s attendance is not guaranteed and the dinner may be cancelled for any reason.
Concerns over ethical implications have sparked a Senate inquiry led by Sen. Richard Blumenthal and prompted bills from multiple Democratic lawmakers aimed at preventing elected officials from profiting off digital assets. Sen. Chris Murphy called the meme coin operation the “single most corrupt act ever committed by a president.”
While the Trump family controls 80% of the remaining coin supply, the entities behind it have generated over $320 million in fees, with $1.35 million raked in after the dinner announcement, per Chainalysis.
Critics argue the coin facilitates anonymous foreign influence. One anonymous wallet in 220th place held just $59,000—underscoring the sharp concentration of wealth among top investors. Notably, 60 large wallets have gained nearly $1.5 billion, while 600,000 wallets have incurred nearly $4 billion in losses.
Kali, a Hawaii-based luxury travel planner, spent $10,000 on the token, hoping to break even. “I was holding my breath,” she said, “waiting to see if it would recover.”
The meme coin is part of the Trump family’s broader crypto expansion, which includes a trading platform, ETFs, mining operations, and a dollar-pegged stablecoin, USD1.
The White House and Trump Organization have not commented on the ethical criticisms. A White House spokesperson previously emphasized that Trump’s assets are managed by his children through a trust, asserting There are no conflicts of interest.
