Buyers of the $TRUMP meme coin collectively spent over $140 million

Buyers of the $TRUMP meme coin collectively spent over $140 million in pursuit of an exclusive dinner with former President Donald Trump, new analysis shows.

The incentive, which was announced on April 23 and invited the top 220 holders of the digital currency by May 12 to an “intimate dinner” with Trump, caused a 40% surge in the coin’s value.

This partially rebounded from an 88% crash in previous weeks, according to crypto intelligence firm Inca Digital, which on Wednesday published an analysis of the coin’s performance and the identity of its buyers.

The data shows that individual buyers shelled out anywhere between $53,500 and $16.4 million for a coveted invite.

The top holder, known only as “Sun VIP,” remains anonymous—as do most participants, with transactions being funnelled through offshore exchanges like Bybit and Gate.io that do not serve U.S. customers.

"A ton of these users sent funds to international exchanges. This would further suggest many are outside of the U.S.," said Austin Ryan, marketing director at Inca Digital.

The Trump dinner offer has triggered concerns among government watchdogs and lawmakers about political access being linked to financial investments in a Trump-branded digital asset.

The $TRUMP coin is partially owned by CIC Digital, an affiliate of the Trump Organization, meaning Trump and his family are likely to financially benefit from the coin’s trading volume.

“There’s no transparency around who the top coin holders are—they are shrouded by their anonymous crypto usernames,” said Tony Carrk, executive director of watchdog group Accountable.US.

The dinner is set for 22 May at the Trump National Golf Club in Washington, D.C., with the top 25 investors receiving a special VIP reception and tour.

Earlier this week, Trump’s son Eric described the meme coin as “the hottest digital meme on earth.”

The $TRUMP coin operates through a decentralized exchange, making money via liquidity pools and trading fees.

While decentralization is a core principle of cryptocurrency, critics say the coin’s link to Trump’s real estate empire blurs ethical lines between politics and finance.

Neither the Trump Organization nor the White House responded to requests for comment.