Donald Trump meme coin is back in the news as the top 220 holders eagerly wait to find out if they have won an invitation to dine with the former president.

This coin, launched just days before Trump’s inauguration, has stirred up a lot of attention and controversy.

Donald Trump meme coin is again in news as the top 220 holders eagerly await to find out if they have been invited for dinner with the former president. The coin, which was launched just days before Trump’s inauguration, has stirred up a lot of attention and controversy.

The Solana-based token initially shot up to $75. However, following its launch, the price dropped and settled at around $12.32.

Despite the coin’s price decrease, the promise of special perks has brought renewed attention to the token. One of these perks is an exclusive gala dinner and private VIP reception, which will take place on May 22 at Trump’s country club.

Exclusive Perks for Coin Holders

The Trump-affiliated website, GetTrumpMemes.com, explains that the top 220 winners will be selected based on “time-weighted” holdings between April 23 and May 12. This means that those who have held the coin for a longer time will have a better chance of winning. The top 220 wallets hold $160 billion in time-weighted holdings.

Interestingly, a Seychelles-based exchange called HTX, which is linked to advisor Justin Sun, occupies the top spot on the leaderboard with $18 billion.

Currently, $TRUMP Official Trump has a market cap of $2.74 billion. A majority of the remaining supply is controlled by entities that are connected to the Trump family, who hold 80% of the supply. Since its launch, these entities have collected over $320 billion in fees.

Another Trump Coin in the Works?

On May 12, rumors began circulating that Truth Social, owned by Trump Media & Technology Group, might be launching a new meme coin. This new coin would be similar to the official Trump coin.

The introduction of new coins would follow the launch of TRUMP and MELANIA meme coins earlier in January. Both of these coins experienced a huge drop in price after their initial surge in value.

Despite the coin’s popularity, there are growing ethical concerns. The Trump Organization claims that Trump’s assets are managed in a trust by his children. However, some critics believe that this new coin project could be corrupt.

Senator Chris Murphy has called the coin “the single most corrupt act ever committed by a president.” He further warned that it could lead to foreign donors secretly buying influence in U.S. politics.

Profits for Big Investors and Losses for Small Wallets

Data reveals that big investors have made substantial profits from the coin. Large investors have earned over $1.5 billion, with $48 billion in profits since the announcement of the dinner. However, things are not looking promising for the smaller investors.

Approximately 600,000 wallets, many of which purchased the coin on secondary markets, have collectively lost $3.87 billion.

The news about this coin continues to make headlines as people speculate about what the former president’s next move will be. Some see it as another family-oriented venture by the Trumps to generate income, while others view it as yet another controversial step by Trump.