Official Trump (TRUMP) Meme Coin Has Shed $1 Billion in Market Cap Since President Donald Trump's Exclusive Dinner

Since President Donald Trump's exclusive dinner on May 22 for top holders of his meme coin, Official Trump (TRUMP), the token has recorded a steady outflow of capital.

The meme coin token, Official Trump (TRUMP), has seen a steady capital outflow since President Donald Trump’s exclusive dinner for top holders of his meme coin.

The event took place on May 22 and saw the president host a dinner with 220 of the largest investors in TRUMP at the Trump International Hotel in Washington D.C.

The occasion was a thank-you to the top TRUMP investors, who collectively spent over $100 million to secure their place at the dinner. The top 25 investors also received access to a private VIP reception with President Trump.

Guests at the event included crypto billionaire and Tron (TRX) founder Justin Sun, who recently lost a $15 million bet on the price of TRUMP.

The former president first announced the exclusive dinner in April, a move that sent the meme coin soaring, with prices spiking over 60% in a single day.

However, the event sparked controversy, with critics, particularly Democratic leaders, accusing Trump of running a “pay-to-play” scheme and profiting from the presidency by selling access to wealthy investors.

Some also noted the irony of Trump, a Republican president known for his opposition to socialism, having dinner with some of the world’s wealthiest people.

The event was part of a broader trend of close ties between politicians and cryptocurrency in 2024.

Earlier this year, Democratic presidential candidate Robert F. Kennedy Jr. announced that he would accept campaign contributions in Bitcoin (BTC) and ether (ETH).

Meanwhile, Republican presidential candidate Vivek Ramaswamy announced that he would accept campaign contributions in any cryptocurrency.

A recent survey also found that two-thirds of U.S. adults believe that the government should not be involved in regulating cryptocurrencies.

TRUMP’s performance

Following the dinner announcement, TRUMP occasionally outperformed the broader crypto market, which is still recovering from the collapse of several major cryptocurrency firms.

The token was last seen changing hands at $11.08, down nearly 30% since the event. Meanwhile, Bitcoin dropped around 14% over the same period.

TRUMP’s performance can be partly attributed to aggressive whale accumulation, which saw some whales book massive profits and losses while trading the token.

One whale, who invested $12.7 million in TRUMP, managed to quadruple their capital in less than three months.

However, another whale who invested $7.6 million lost nearly all of their capital after buying high and selling low on TRUMP.