Trump's meme coin, which had slumped 88% from its most recent high, got a boost Wednesday after its website invited the top 220 holders of the digital token to an 'intimate private dinner' w

After the dinner offer was posted on the $TRUMP meme coin website and X account, the value of the meme coin surged as much as $5.32, or 58%, to $14.32

President Trump's namesake meme coin got a boost Wednesday after its website invited the top 220 holders of the digital token to an "intimate private dinner" with the president.

An affiliate of The Trump Organization is also offering a "special performance by a U.S. Heartbeat, Top 10 Billboard Chart-Smashing Band" at the dinner event, which will be held at the Trump National Golf Club in Washington, D.C., on May 22, according to the $TRUMP coin site.

Invitations to the dinner event with Mr. Trump will only be offered to those who own the most $TRUMP meme coins, the website said. The top 25 holders will get a bonus of "an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!"

"Our leaderboard updates hourly in real time. Your $TRUMP coin count puts you in the running. The competition is fierce. Own $TRUMP — or watch from the sidelines," the $TRUMP coin website said.

The leaderboard will be determined by the average holdings of $TRUMP owners from April 23 to May 12, according to the website. "The more $TRUMP you hold — and the longer you hold it — the higher Your Ranking will be," it said.

After the dinner offer was posted on the $TRUMP meme coin website and X account, the value of the meme coin surged as much as $5.32, or 58%, to $14.32 on Wednesday afternoon. That gain only partially erased the meme coin's decline in value, which hit a peak of $75.35 on January 19 the day before Mr. Trump's inauguration.

The meme coin slid as low as $9.32 in morning trading on Wednesday before rebounding sharply. By 12:32 p.m. ET, the meme coin was trading up $3.65, or 40%, on the day at $13.32.

The presidential meme coin slid sharply in recent weeks after reaching a peak price of $75.35 on January 19, the day before Mr. Trump's inauguration. The meme coin has now slumped 88% from that recent high.

The meme coin, which is not to be confused with the former president's 2024 campaign fund, was created by CIC Digital LLC and Fight Fight Fight LLC, who together own 80% of the meme coins, according to the Trump coin site. Fight Fight Fight is a Delaware LLC, according to the Wall Street Journal. The Trump Organization and the White House didn't immediately respond to a request for comment.

Both Mr. Trump and his wife, Melania, debuted meme coins just days before his inauguration, although both tokens have lost much of their value since their debuts. The $MELANIA meme coin now sells for about 49 cents each, down from a peak of $13.76 on Jan. 20.

Meme coins, which have no economic or transactional value, are cryptocurrencies linked to celebrities or internet trends, such as Dogecoin, which was inspired by the image of a Shiba Inu dog. Elon Musk named his federal cost-cutting group, the Department of Government Efficiency, or DOGE, after the token.

The presidential dinner promotion drew criticism from lawmakers and anti-corruption groups. Sen. Chris Murphy, a Democrat from Connecticut, on social media blasted the offer as the "most brazenly corrupt thing a President has ever done."

"You can buy your way into a private dinner with the President of the United States. Top 220 buyers of a meme coin get to meet for dinner with Trump at Trump National Golf Club in Washington D.C., according to the $TRUMP coin website," Murphy said on X, the social media platform formerly known as Twitter.

Tony Clark, U.S. executive director with Accountable.US, a nonpartisan advocacy group focused on corporate and government ethics, said in a statement that Mr. Trump “is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank.”

“This blatant pay-for-play scheme underscores the urgent need for Congress to pass meaningful legislation to ban former government officials from engaging in foreign lobbying activities for at least five years after leaving office,” Clark said.

News data source: kdj.com

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