A cryptocurrency trader has suffered a $2.8 million loss following a transaction involving Official Trump (TRUMP)

A cryptocurrency trader has suffered a $2.8 million loss following a transaction involving Official Trump (TRUMP) within an hour as part of a gamble to earn a dinner spot with President Donald Trump.

The transaction involved MemeCore, a cross-chain meme coin platform, which saw its investment plummet after withdrawing 1.39 million TRUMP tokens from Binance, according to the latest on-chain data retrieved by Finbold from Arkham Intel on May 6.

The withdrawal, valued at $17.8 million, was made to secure a seat at an exclusive gala dinner with President Trump scheduled for May 22, 2025. The event promises to host the token’s 220 largest holders.

According to the event arrangement, the top 25 holders will receive exclusive perks, determined by their average TRUMP balance from April 23 to May 12, 2025.

Whales rush for TRUMP dinner spot

Since President Trump announced on April 23, MemeCore has been pushing for the number one spot among TRUMP holders to secure first place at the event.

MAKE MECO GREAT AGAIN

We’re not just aiming for #1 on the $TRUMP leaderboard — we’re here to conquer the entire meme space.

This is your chance to create your own token and Make MemeCore Great Again.

Step 1:Customize Your PFP→ Access:… https://t.co/vuAnpOzihv pic.twitter.com/OBPHqMcVM8

— MemeCore (@MemeCore__) April 25, 2025

The platform joins other whales loading up on the meme coin as competition for the top spot heats up.

For instance, Arkham data also indicated that a newly created wallet withdrew 1 million TRUMP tokens, worth $10.78 million, from Binance within the same hour.

TRUMP, launched on January 17, 2025, has been a rollercoaster for investors but has mostly traded in line with the broader market and stood out with increased buying pressure from the dinner news.

TRUMP price analysis

As of press time, TRUMP was valued at $10.57, down over 5% in the past 24 hours. The token is also in red on the weekly timeframe, shedding more than 22% of its value.

Interestingly, while some investors have suffered losses on TRUMP, the meme coin has seen shifts among meme coin holders, leading some traders to profit.

As reported by Finbold, one whale swapped a 1.18 million Fartcoin (FARTCOIN) position, valued at $1.22 million, for 78,671 TRUMP tokens, netting a profit of $669,000 in less than a day.