$TRUMP is one of several crypto tokens associated with President Trump

A post announcing "the most EXCLUSIVE INVITATION in the world" sent US President Donald Trump's meme coin — $TRUMP — surging close to 70 percent on Wednesday.

Several crypto tokens are linked to President Trump, and one of them, known as $TRUMP, saw its price surge by nearly 70 percent after an announcement concerning a private gala dinner with President Trump offered to the top buyers of the token.

The post announcing "the most EXCLUSIVE INVITATION in the world" sent US President Donald Trump's meme coin — $TRUMP — surging close to 70 percent on Wednesday. The offer promises the top 220 buyers of $TRUMP coin an opportunity to enjoy a private gala dinner with President Trump.

Announcing this, the official X account of the $TRUMP coin stated: "The top $TRUMP Coin holders will have a private DINNER WITH PRESIDENT TRUMP on May 22nd at the BEAUTIFUL Trump National Club in Washington, D.C. It will be a night to remember! Thank You! And Have Fun!"

What can top $TRUMP buyers expect at the gala dinner?

The top 220 buyers will be invited to the gala dinner that will be held at Trump National Golf Club in Washington, DC, on May 22.

Along with the dinner, the official website of the crypto coin states that the top 25 holders will also get "an ultra-exclusive private VIP reception with the President" and, to top it off, a "Special Tour."

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What is $TRUMP meme coin?

The $TRUMP coin, one of Trump's cryptocurrency coins, had been launched before his inauguration on January 20, and hit a high of $74.59 soon thanks to the renewed interest around the President. Thereafter, it fell to a low of $7.14 on April 7.

It rose 70 percent to $15.47 levels upon the announcement of the gala dinner, settling close to $12 thereafter.

$TRUMP is one of several crypto tokens associated with President Trump, apart from other similar-themed crypto coins that have emerged in the cryptocurrency ecosystem.

Like most other meme crypto coins, $TRUMP's price is also heavily influenced by social media attention and viral marketing rather than fundamental value — evident from the viral gala dinner invitation that sent its price soaring.

Reportedly, 40 million new $TRUMP tokens were set to be unlocked on the crypto exchanges, but the official X account of the coins informed that this would happen after 90 days, further fuelling the rally.

"Couldn’t be more excited about this 'Dinner with Trump'. A lot more on the way! The Tokens from the initial cliff and from the following three months of daily unlocks will remain locked, each for an additional 90 days. The era of $TRUMP has just begun!," it said.

The market capitalisation of the crypto coin is currently $2.38 billion.