As President Donald Trump’s exclusive gala dinner

As President Donald Trump’s exclusive gala dinner for top TRUMP coin holders approaches on May 22, analysis of the official winners list

President Donald Trump's upcoming gala dinner for top TRUMP (MTRUMP) coin holders on May 22 will be a gathering of mostly non-U.S. investors, according to an analysis of the official winners list by CNBC and Bloomberg.

As reported by both news outlets, the leaderboard of 220 invitees is heavily populated by wallet addresses linked to exchanges that don't service U.S. customers, suggesting many top holders are international investors.

The TRUMP token website itself showcases the top 10 holders and their massive token balances. Many of these holders use pseudonymous usernames, offering little insight into their real identities.

The top holder, "Sun" with a VIP designation, controls 1,432,003,302 TRUMP tokens, according to the website. The second-largest holder, listed as "MeCo," holds 1,391,538.19 tokens.

The sixth-ranked holder, "Woo," possesses an even 1,000,001 tokens. Other top-10 holders include "CASE" with 400,000 tokens, "GAnt" with 500,034.299 tokens, and "REKT" with 443,686.993 tokens.

All of the top holders displayed have VIP badges. The webpage congratulates users who made the top 220 list and informed them to expect contact within regarding their invitation to the May 22 gala dinner in Washington D.C.

Documents from blockchain analytics firm Inca Digital, seen by CNBC, show that many of these wallets are heavily connected to international exchanges like Binance, which doesn't service U.S. customers.

Bloomberg's analysis, which follows 19 of the top 25 wallets, also concludes that they are "almost certainly owned by individuals operating outside the U.S." The data surfaced as the Bitcoin (BTC) price rally paused and Trump announced more details on the Russia war and rate cuts.

Justin Sun appears to be the leading holder of TRUMP tokens, aligning with the "Sun" username topping the official leaderboard with over 1.4 billion tokens. Sun himself has also publicly acknowledged investing $75 million in Trump’s World Liberty Financial token.

The TRUMP meme coin has become a key part of President Trump's broader cryptocurrency ventures. Launched in January ahead of his inauguration, the token initially soared to a $15 billion market capitalization following Trump's promotion on social media platforms Truth Social and X.

However, the token's performance has been volatile. It quickly lost most of its value after launch, and despite a brief 50% surge in April following the announcement of the exclusive dinner event, TRUMP coin also fell victim to the recent meme coin crash.

The invitation process closed Monday night, and the top 220 holders have secured their places on the exclusive guest list. As the event approaches, questions remain about the implications of a U.S. president hosting a private dinner primarily with anonymous foreign investors who gained access through cryptocurrency holdings.