Trump plans dinner for top meme coin holders
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The Official Trump meme coin is up nearly 50% Wednesday on news that its biggest holders get to have dinner with Donald Trump, the President of the United States.
Why it matters: The big question everyone had about this crypto token was whether or not buying it would offer privileged access to the president, and now we have an answer.
Between the lines: The meme coin's creators — CIC Digital LLC and Fight Fight Fight LLC, both of which are linked to the Trump Organization — are indeed offering a perk for holding it.
- According to the meme coin's website, the top 220 holders will be invited to a special dinner with the President on May 22.
- The top 25 will get to go to a special reception before the dinner, and a "special VIP White House Tour" the following day.
- The website bills the event as "the most exclusive invitation in the world."
How it works: To indicate interest in attending, users must register by connecting their wallet on the website. Then, supposedly, they need to start accumulating tokens to make sure they are in the top spot (which would create buying pressure and drive up the price).
- Invites will be determined by average balances from today to May 12.
By the numbers: As of this writing, the holder on chain with the 25th largest supply has just over 1 million tokens, valued currently at over $13 million.
- The 220th largest holder has 26,633 of the memecoins (about $350,000 worth).
Flashback: Trump's conversion to crypto began 11 months ago when he had a similar dinner, at Mar-A-Lago, for holders of his NFTs.
What we're watching: Another 40 million meme coins of the central team's original allocation were recently set to unlock for trading, which is expected to put downward pressure on price.
- Those tokens have not yet begun selling.
- Wednesday's boost in price would certainly make buying those newly liquid tokens more attractive now if the holders started to move them onto the market.
