US President Donald Trump is leaning into the cryptocurrency world this month

US President Donald Trump is hosting two high-profile dinners this month, targeting both wealthy political donors and holders of the meme coin bearing his name — the $TRUMP token. Together, these crypto-focused events could generate millions in support and further entrench Trump’s growing ties to the digital asset community.

The first event, scheduled for May 6, is a lavish $1.5 million-per-plate fundraiser, placing it among the most expensive dinners in American presidential history. The event is hosted by MAGA Inc and includes special guest David Sacks, a prominent venture capitalist and a vocal advocate for reshaping crypto and AI regulations in the US.

Later in the month, on May 22, Trump will host a second dinner at his private club, Trump National in the Washington, D.C. area. Uniquely, this one isn’t funded by cash but by crypto.

Access to the gala is being determined through a blockchain-based leaderboard contest, run by the creators of the $TRUMP meme coin. Entry is granted to the top 220 token holders by May 12, with the top 25 getting VIP access and a private reception, along with a black-tie-optional “WIP White House Tour.”

This gamified campaign tactic has driven significant attention and value to the $TRUMP token. Since the announcement of the gala dinner, the token surged over 50%.

“The $TRUMP token project has donated over $17 million to support President Trump’s re-election campaign and other Republican candidates in the 2024 election cycle,” the project team wrote in a statement this week.

However, the setup has sparked criticism.

Dogdog group Accountable slammed the contest as “the most nakedly corrupt self-enrichment scheme in US presidential history,” citing concerns over how it potentially enables wealthy, and possibly foreign, individuals to buy influence through crypto holdings.

Adding to the criticism, the contest’s fine print includes a disclaimer that Trump’s attendance is not guaranteed, and that in the event of cancellation, winners will receive a Trump-themed NFT instead.

According to on-chain analytics firm Chainalysis, trading activity in the $TRUMP token has generated over $324 million in transaction fees since its January launch — funds largely routed to wallets controlled by the token’s creators and, reportedly, Trump-affiliated entities.

The project’s website claims that about 80% of the token’s supply is held by the Trump Organization and associated wallets. To ease public scrutiny, the coin’s insiders agreed not to sell their holdings for at least another 90 days, according to disclosures on the project site.