TRUMP/USD holders who spent just $1,200 to attend an exclusive dinner with Donald Trump

Cryptocurrency enthusiast Morten Christensen and his group were among the top 220 holders of Trump's memecoin, according to a leaderboard tracking the cryptocurrency's biggest buyers over the last three weeks.

A cryptocurrency enthusiast and his group scored an invitation to an exclusive dinner with former President Donald Trump for a small investment of about $1,200, securing their place among the top 220 holders of the Trump memecoin, as reported by a US media outlet on Wednesday.

Morten Christensen and his group were listed among the biggest buyers of Trump’s memecoin in a leaderboard that tracked the cryptocurrency’s biggest buyers over the last three weeks. The dinner, scheduled for next week, required at least $54,500 in time-weighted holdings to attend.

However, Christensen and his friends managed to attend the event for just about $1,200 each. Their strategy involved buying the Trump memecoin and shorting the exact same amount, resulting in a market-neutral position. This essentially meant that they only incurred trading fees.

They sold their Trump tokens and closed their short positions immediately after the dinner’s winners were announced on Monday. A post on Christensen’s X (formerly Twitter) account showed a snippet of the mail invitation he received from the memecoin team.

“We originally disregarded the gala dinner notice as we figured competition would be fierce. But later on, we decided to develop a software program to monitor any changes in the leaderboard and deduce the approximate holdings amount required for a top 220 placement,” Christensen said in a statement to the publication.

The Trump memecoin dinner has been a subject of considerable controversy, with critics arguing that it allows wealthy individuals and potentially foreign actors to purchase access to the former president.

Last month, Democratic lawmaker Sen. Jon Ossoff (D-Ga.) called for Trump’s impeachment, while Sen. Elizabeth Warren (D-Mass.) requested an investigation into Trump’s potential violation of federal ethics regulations.

The dinner’s guest list, unveiled earlier this week, included wallets linked to foreign entities. Tron founder Justin Sun is said to be the biggest investor, with an estimated investment of over $17 million.

At the time of writing, TRUMP was trading at $12.81, down 6.21% in the last 24 hours, according to Benzinga Pro. Since reaching its peak, the meme coin has declined by 82%.