Trump is facing mounting criticism after announcing a private dinner for the top 220 holders of his newly launched $TRUMP meme coin

The event, promoted on the $TRUMP coin homepage, promises a private reception with Trump and a VIP White House tour for the top 25 investors.

President Donald Trump is facing backlash from Democratic Senators over his announcement of a private dinner for the top 220 holders of his newly launched $TRUMP meme coin. The event, promoted on the $TRUMP coin homepage, promises a private reception with Trump and a VIP White House tour for the top 25 investors.

Winners will be selected based on how much $TRUMP they own and how long they hold the tokens between April 23 and May 12. “The more $TRUMP you hold - and the longer you hold it - the higher Your Ranking will be,” the promotion states.

Initially priced at $75.35 the day before Trump’s latest inauguration, the token plummeted by 88% to $9.18 before the contest was announced. Following the announcement, $TRUMP surged over 50%, reaching a peak of $14.32, and adding roughly $100 million in value, according to CBS.

Democratic lawmakers immediately began criticizing the move, with Senator Chris Murphy (D-CT) posting on X, “This is the most brazenly corrupt thing a President has ever done.”

Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) penned a letter, obtained by CNBC, urging the U.S. Office of Ethics to open an investigation. They warned the dinner could represent a “pay-to-play” scheme, allowing individuals, including foreign nationals and corporate entities, to purchase presidential access while enriching Trump and his family.

“Trump officials may be engaging in ‘pay to play’ corruption,” the senators wrote. “This investigation is urgent given that President Trump has reportedly dismissed the director of the Office of Ethics and Government Service and significantly limited the role of the agency in advising and enforcing ethical standards for the Trump administration.”

However, chances of an investigation materializing appear slim. Republicans currently hold a majority in both the House and the Senate, and Trump previously dismissed the director of the Office of Ethics in February, a move that reduces the chances of any formal accountability.

Recently, Trump launched his own meme coin, named after his surname and featuring his likeness. The token, which operates on the Ethereum blockchain, aims to reward the top 220 $TRUMP holders with a private dinner at the Trump International Hotel in Washington, D.C.

The initiative is part of a broader effort by Trump to engage with the cryptocurrency sector and integrate it into his political and economic plans. His administration appointed David Sacks as “crypto czar,” created a “Bitcoin Strategic Reserve,” and dismantled the Justice Department unit tasked with prosecuting crypto-related frauds. In return, crypto firms have funnelled millions into Trump’s campaign and inauguration activities.