Trump's Meme Coin Promises Access to the President

In the crypto world, meme coins are mostly just jokes with no intrinsic value. But the Trump family is parlaying the president's meme coin into two valuable commodities: serious cash and access to the president.

In the realm of cryptocurrency, meme coins are commonly perceived as jokes with no inherent value. However, in an unexpected turn, the Trump family is skillfully converting the president's meme coin into two highly valuable commodities: substantial cash and exclusive access to the president himself.

As the coin's creators have generated more than $320 million in fees since the coin's launch earlier this year, according to the blockchain analysis firm Chainalysis, the meme coin's trading activity has surged, and the price has soared in response.

The apex 220 holders of the meme coin are set to attend the dinner at Trump's sprawling Washington-area golf club on May 22, while the top 25 holders will also participate in a reception with the president at the club.

"Let the President know how many $TRUMP coins YOU own!" the meme coin's website urges in its promotion of the dinner.

The contest's rules specify that the top 220 holders of the meme coin by 11:59 p.m. E.D.T. on Monday will be invited to the dinner. The chairman and CEO of the Trump Organization, Donald Trump Jr., and the president's brother, Eric Trump, will be presenting the awards at the reception to the top 25 holders of the meme coin at 6 p.m. E.D.T.

Those invited to the dinner are requested to bring a guest and make a contribution of $1.5 million to Maga, Inc., Trump's main super PAC. The super PAC will be required to disclose the donors in its regular filings.

The initiative is part of a broader effort by Trump to integrate his political and personal finances. His campaign is also selling $46 limited-edition prints of a painting of Trump on the Mount Rushmore monument, which are being sold for $7,777 apiece and will be displayed at the Republican National Convention in July.

The remaining 80% of Trump's meme coins, which are still subject to a lock-up period, have been allocated to CIC Digital and another company. An ethics agreement reached when Trump took office prohibits him from "day-to-day" decision-making at the Trump Organization and limits the financial information about the business that can be shared with him.

During an interview with NBC's Meet the Press over the weekend, Trump stated that he did not follow the price movements of his meme coin and downplayed the notion that he was profiting from the presidency. He also declined a suggestion that he would forgo any profits made from his crypto endeavors.

"Should I contribute all of my real estate that I've owned for many years if it goes up a little bit because I'm president and doing a good job? I don't think so," Trump remarked.

The team behind Trump's meme coins has been actively promoting the chance to eat with the president.

"Good News! President Trump is allowing one more person to attend Dinner with Trump," the meme coin's official account on X, formerly known as Twitter, post last week, encouraging people to reply with memes featuring Trump. "Our favorite $TRUMP memes will be shown to President Trump and we will pick 1 person who gets to come to the dinner on May 22nd!"

The creators have also endeavored to increase the stakes by offering $100,000 Trump-themed watches to the top four holders of Trump's meme coins.

On Monday evening, Trump is hosting a "Crypto & AI Innovators Dinner" fundraiser sponsored by his Maga, Inc. super PAC at his golf club outside Washington. An invitation to the event, which has been shared online, indicates that guests are requested to pay $1.5 million each to attend the dinner. The super PAC will be required to list the donors in its regular public disclosures.

However, it remains unclear whether the public will be informed of those who have secured their place at the meme coin dinner with the president. Unlike political donations, which must be disclosed, there is no requirement for donors to meme coins to be revealed. The White House did not immediately respond to a question about whether it would share details of the dinner's attendees.

Critics of Trump's foray into meme coins, which includes several Democrats, contend that the pseudonymous nature of cryptocurrency provides an opportunity for bad actors to attempt to unduly influence the president by purchasing his digital assets.

The Trump meme coin website assures those who register for the contest that their full legal name and contact information will "never be publicly shown."

Instead, registrants choose a username that is displayed on the website's leaderboard, ranking the top 220 holders of the meme coin. The ranking is determined not only by the number of meme coins one holds but also by the duration of their holding period.

After No. 220, the board includes a message for those