Donald Trump Is Hosting an Exclusive Gala Dinner for the Biggest Supporters of His Official Trump [TRUMP] Token

Donald Trump is set to host an exclusive gala dinner for the biggest supporters of his Official Trump [TRUMP], stirring fresh controversy across party lines.

The former president, Donald Trump, is setting the stage for an exclusive gala dinner with the biggest supporters of his Official Trump [TRUMP], setting the stage for another controversial chapter in the crypto saga.

Announced via a Truth Social post, President Trump is hosting a high-profile event on May 22, extending invitations to the top 220 token holders.

The initiative has sparked criticism from both sides of the political aisle, renewing chatter of impeachment.

This move underscores Trump’s strong interest in memecoins, expanding beyond his own token and potentially boosting others like MAGA, Dogecoin [DOGE], and Pepe [PEPE].

What are watchdogs concerned about?

However, the initiative has drawn criticism from watchdog group Accountable.US, which slammed the event as an attempt to personally profit from political influence.

The group claimed it could allow wealthy individuals, potentially foreign investors, to buy proximity to power.

Despite the backlash, Trump remains focused on crypto as a strategic necessity for the U.S. to maintain its leadership in the face of global competitors like China.

Maintaining his stance, Trump stated, “I’m not profiting from anything. All I’m doing is I started this long before the election. I want crypto.”

Impact on the crypto market

Despite the hype surrounding Trump’s upcoming gala, the Official Trump token is struggling to maintain momentum.

At press time, the token was down 3.76% in the last 24 hours, trading at $10.69, according to CoinMarketCap.

This downturn coincides with a broader cooling in the memecoin sector, which saw its total market cap shrink by 1.1% to $55.2 billion, according to data from CoinGecko.

The global crypto market also reflected the slowdown with a 0.86% decline, settling at $2.93 trillion.

This market reaction stands in stark contrast to the price surge following Trump’s previous announcement. Back then, TRUMP rose from a near all-time low of $11.07 to reach a high of $13.60, marking a 60% gain before a slight correction.

During the spike, whales were actively accumulating the token, suggesting strong speculative optimism, which now appears to be dissipating.

The contrasting response from the crypto market to Trump’s memecoin activities raises questions about his true motivations, which may be skewed more toward personal gain than public interest.

Senator Warren has her eye on Trump’s financial endeavors

This suspicion was also previously raised by Democratic Senator Elizabeth Warren, who had expressed deep concerns over Trump’s growing presence in the financial domain, particularly through his crypto-related ventures.

Senator went on to say that all SEC decisions and actions should be carefully managed to ensure they are free from undue political interference and influence from the President and his administration.

As scrutiny intensifies, calls for investigation are emerging, suggesting that what is presented as innovation may have broader political and ethical implications.