The Rise of the $TRUMP Memecoin

Memecoins are cryptocurrencies that often originate from internet memes or have some humorous element associated with them. These coins typically do not

Memecoins have become a viral phenomenon in the cryptocurrency sphere, often collecting massive amounts of liquidity in short time spans. These coins, frequently derived from internet memes or featuring humorous elements, typically lack intrinsic value or a strong project to propel them. Instead, they gain popularity and accrue value through community involvement, social media hype, and speculative trading.

Many new memecoins are launched on the Ethereum, Solana, or Binance Smart Chain blockchain networks. Transactions and ownership of these coins are recorded on these decentralized ledgers, which are open for anyone to view.

The $TRUMP coin, launched on January 18 on the Solana blockchain, is the latest memecoin to take the crypto market by storm. It quickly became a subject of controversy and scrutiny. Within a couple of days of its launch, the token had a market capitalization of around US$10 billion, placing it among the top 25 largest digital assets.

As the market recovered from the 2024 crypto crash, traders were pouring billions of dollars into a token named after the world’s most powerful man. The coin had many of the characteristics of a degenerate memecoin—no Github activity, a smallish community, and little in the way of news to drive prices other than speculative volume.

It had shot up an incredible 3500% from its initial price at launch of $0.24. At the time of writing, the TRUMP price is down 72% from its all-time high of $44.28, which it reached on the day of Trump’s inauguration.

On January 19, President-elect Trump’s official account retweeted Donald’s son Eric, who was referencing the TRUMP memecoin when he wrote, “I am extremely proud of what we continue to accomplish in crypto.”

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Trump and memecoins: A perfect match

From his initial presidential run in 2015 to the present day, Trump has been like a living meme. His exaggerated mannerisms, bombastic language (“You’re fired!”, “Fake news!”, “Make America Great Again”), and refusal to follow political norms make him endlessly memeable.

Trump has also been a noted supporter of the cryptocurrency sector. Since he began his second term in 2025, the American digital asset sector has become much easier to operate. His administration promises more support and structure, and less regulation by enforcement from watchdogs like the Securities and Exchange Commission (SEC).

An Exclusive Dinner for Top 220 Holders

Trump hosted a black-tie dinner at his Trump National Golf Course in Virginia for the top 220 holders of the $TRUMP. The dinner was part of a promotional campaign that offered exclusive access to the former president for significant investors in the memecoin.

According to reports, the top 25 holders of the $TRUMP token were promised a private reception with Trump at the dinner. Among the attendees was crypto billionaire Justin Sun, who reportedly invested over $20 million in the TRUMP coin, making him one of its largest holders. Sun is said to have received a $100,000 Trump-branded Tourbillon watch at the event. Former National Basketball Association star Lamar Odom was among the other attendees.

The TRON price has moved steadily upward since the SEC case against founder Justin Sun was paused late in February.

It’s a spectacular turn around for Tron founder Sun. Back in March 2023, the SEC filed a lawsuit against Sun and three of his affiliates, alleging the unregistered sale of securities and manipulation of the token’s secondary market. The agency accused Sun of engaging in wash trading—repeatedly buying and selling a token to create misleading market activity.

Additionally, the SEC charged Sun with paying celebrities such as Lindsay Lohan, Jake Paul, and Soulja Boy to promote his crypto projects without properly disclosing their compensation, which is a violation of federal regulations.

However, after investing $30 million in Trump’s World Liberty Financial, the SEC requested a pause in Sun’s ongoing legal case, which the court approved in late February.

Legal Concerns: Bribery and the Constitution

The dinner has quickly drawn scrutiny from lawmakers and ethics experts. On May 22, 35 Democratic House members sent a letter to the Department of Justice, urging an investigation into potential violations of federal bribery statutes and the Foreign Emoluments Clause of the U.S. Constitution.

The Emoluments Clause prohibits federal officials from accepting gifts or payments from foreign states without congressional consent. Given the presence of international investors like Sun at the dinner, concerns have been raised about potential foreign influence over U.S. policy decisions.

Political Fallout and Regulatory Ramifications

The event has sparked a broader debate about the intersection of politics and cryptocurrency. Critics argue that the dinner exemplifies a “pay-to-play” scheme, where access to political figures is granted in