Trump's $TRUMP meme coin contest attracts interest from Chinese company

This effort has also attracted interest from foreign entities, including a little-known Chinese company that has $0 in revenue and just 8 employees, yet seems to have raised the capital to acquire 300 million $TRUMP coins.

President Trump is hosting a private dinner at his golf course in the suburbs of Washington, D.C., for the 220 top holders of the $TRUMP meme coin, with the top 25 earning an invitation to a private reception.

The next day, the 220 individuals will be invited for a private tour of the White House.

This effort has also attracted interest from foreign entities, including a tiny Chinese company, which has $0 in revenue and just 8 employees, but seems to have raised the capital to acquire 300 million $TRUMP coins.

Trump's dinner contest has also attracted a few enterprising spirits, including Morten Christensen and his four friends, who managed to win an invitation to Trump's dinner for just $1,200 when, ordinarily, it would have cost at least $54,500 in time-weighed acquisitions over the 2 weeks or so that the contest ran for, as per Bloomberg's calculations.

So, how did Christensen and his friends achieve this feat? Well, they apparently held a long position on the $TRUMP coin in a public wallet and an undisclosed short position off-the-book, leaving just $1,200 in transaction costs.

Of course, the vast majority of the Trump dinner aspirants adopted the conventional route by acquiring bucket loads of the $TRUMP coin. As per a tabulation by CBS News, the $TRUMP meme coin attracted at least $140 million in buying activity over the contest's period.

For the benefit of those who might not be aware, the $TRUMP meme coin's only claim to utility lies in bringing together like-minded traders and investors to foster a community premised on Trump's star power.

At its launch back in January, 100 million $TRUMP coins were put up for sale to the public, while another 100 million coins were used to fund a liquidity pool. Over the next three years, however, the coin's total supply will grow to 1 billion tokens. Do note that this unreleased supply is currently being held by an affiliate of the Trump Organization, CIC Digital LLC, in conjunction with a Delaware-based company, Fight Fight Fight LLC. As such, these two Trump-linked entities derive transactional revenues from the sale and purchase of $TRUMP coins.