Trump National Golf Club in Virginia hosted a black-tie gala that wasn't your typical political fundraiser

Dubbed the “most exclusive invitation in the world,” the event welcomed 220 of the top holders of $TRUMP, a meme coin tied to President Donald Trump.

May 22, 2025, saw an event unfold that wasn’t your typical political fundraiser. Set at the Trump National Golf Club in Virginia, the black-tie gala dubbed the “most exclusive invitation in the world” brought together 220 of the top holders of $TRUMP, a meme coin closely tied to former President Donald Trump.

Attendees, who paid an estimated average of $1 million to secure their seats, sparked a firestorm of controversy as the event raised questions of ethics, foreign influence, and the growing role of meme coins in modern politics.

The $TRUMP Coin: A Meme Coin with MAGA Flair

Launched in January 2025, shortly before Trump’s inauguration, the $TRUMP meme coin quickly gained notoriety, surging to a $9 billion market cap, largely driven by hype on social platforms. Unlike utility-driven cryptocurrencies like Ethereum (CRYPTO:ETH), $TRUMP thrived on speculative fervor and Trump’s personal brand.

The coin’s value soared after the April announcement of the gala dinner with top $TRUMP investors. However, it dipped 16% to around $14 by May 22, highlighting the volatility typical of meme coins.

The gala rewarded the top 220 $TRUMP investors, based on their average holdings from April 23 to May 12, with varying seat prices, ranging from $55,000 to $3.7 million.

The 25 biggest investors, like crypto billionaire Justin Sun, who holds $19 million in $TRUMP, had the opportunity to mingle with Trump closely. They received gold Trump watches valued at $100,000.

However, those outside the top 25 weren’t able to interact with Trump, leaving many, like Nicholas Pinto, a crypto investor who reportedly paid $1 million for his seat, feeling disappointed.

The Gala – Extravagance and Disappointment

The event promised a “once-in-a-lifetime” experience, with Trump arriving via Marine One and speaking at a lectern bearing the presidential seal. The menu included organic field green salad, filet mignon, pan-seared halibut, and warm lava cake.

Guests also had the opportunity to take part in an NFT minting station where they could create Solana-based NFTs, with “Diamond Hand” editions available for the top $TRUMP investors.

High-profile figures like Sun, founder of Tron (CRYPTO:TRX), and pseudonymous investors, one identified only as “Ogle,” who arrived with a bandana to avoid recognition, were among the attendees.

Moreover, blockchain analysis indicates that over half of the gala attendees were non-U.S. residents, raising concerns about foreign entities gaining access to the former president.

A Singapore-based firm, MemeCore, sent a representative to the event, while former NBA player Lamar Odom was present to promote his own meme coin.

The Political Angle – Lawmakers Weigh In

The gala sparked criticism from lawmakers and watchdogs, who focused on the implications of foreign donors being able to contribute to the event.

Democratic Senators Chris Murphy and Elizabeth Warren called it an “orgy of corruption,” arguing that it allowed wealthy investors, including foreigners, to buy access to the president.

“The U.S. Constitution prohibits foreign emoluments, but Donald Trump has no respect for the Constitution, and he certainly doesn’t care about the limits on foreign contributions to U.S. elections,” the senators said in a joint statement.

Republican Senator Cynthia Lummis also expressed unease, considering how the event could be viewed in the broader context of bipartisan crypto legislation like the GENIUS Act.

Meanwhile, smaller investors in $TRUMP lost a collective $3.87 billion, with $117 million in losses occurring after the event was publicized, highlighting the speculative risks associated with meme coins.

The Crypto Angle – Hype, NFTs, and Future Plans

The $TRUMP coin isn’t just a speculative asset; it’s part of a broader Trump crypto empire, including World Liberty Financial, where 75% of the proceeds go to Trump-related entities.

At the gala, guests had the opportunity to mint Solana-based NFTs, with “Diamond Hand” editions available for the top $TRUMP investors. Rumors also suggest that $TRUMP might be integrated into a Trump-branded digital golf game, set to launch in June 2025.

However, the coin’s structure heavily favors large investors. Over 60 “whale” wallets profited $1.5 billion, while 600,000 smaller wallets suffered significant losses.

Trump-owned companies hold 800 million $