The price of President Donald Trump's meme coin plunged 16%

The price of President Donald Trump's meme coin plunged 16% as of Friday morning, just hours after he hosted a black-tie gala

The price of President Donald Trump's meme coin slid 16% on Friday morning, just hours after he hosted an elite black-tie gala at his Virginia golf club for the biggest buyers of his token.

About 220 people paid an average of $670,000 each to attend the event, which was billed as "the most exclusive invitation in the world." The guests spent a combined total of $148 million on the token for the chance to be there.

Among the attendees were crypto influencers, industry executives like Sandy Carter of Unstoppable Domains, and former NBA star Lamar Odom, who used the occasion to praise Trump as "the greatest president" and promote his own token, $ODOM.

The top 25 wallets were promised a private reception and guided tour. Others, like 25-year-old Nicholas Pinto, left underwhelmed and still hungry.

Pinto, whose dad drove him to the event in his Lamborghini, said the food wasn't great and the guests were only given water or Trump's wine.

"I don't drink, so I had water. My glass was only filled once," he added.

Trump made only a brief appearance, and he didn't speak to any of the 220 guests — maybe the top 25, Pinto said.

All in, the president was there for 23 minutes. Trump delivered a brief address in which he touched on familiar crypto themes, such as the potential of blockchain technology and the importance of financial freedom.

He then left on a helicopter without taking any questions or pictures with his meme coin contest winners.

Phones weren't locked in RFID pouches, and security was lax, according to Pinto.

"Once Trump left, they didn't really worry about anything else," Pinto added.

The opulence was on full display, with guests sporting expensive watches and jewelry.

"Richard Mille watches weren't even rare. I saw at least 16 people wearing them. I never see that unless I'm at a high-end restaurant in Miami or Dubai," Pinto said.

But the vibe was more muted than expected, he noted, and many guests weren't even holding the coin anymore.

"People were checking their phones during dinner to see if the price moved."