Former Binance CEO Changpeng Zhao (CZ) Has Said He Owns No $TRUMP Meme Coins

Changpeng Zhao, the former CEO of Binance, has said he owns no $TRUMP meme coins and is not associated with the token.

The executive made the clarification during a podcast interview.

Some members of the crypto community do not believe Trump owns the mem coin, despite a proposed upcoming dinner for the top $TRUMP coin holders, scheduled later this month.

Related: TRUMP Token Faces Ethics Probe, Price Collapses From $75 to $11

TRUMP Coin Price Volatile on Reports of Gala with President Trump

Despite Zhao’s clarification about buying no TRUMP coins and linking the hype surrounding the meme coin to media articles, reports about the upcoming dinner triggered a reaction among TRUMP holders. The meme coin’s price surged following the meeting’s reports. TRUMP gained nearly 110% in less than one week before retracing.

Data from TradingView shows that TRUMP retraced by 38% after reaching a $16.43 local high toward the end of April. The price dropped to $10.39 before resuming upward to trade for $12.13 at the time of writing.

Political Scrutiny Intensifies Over Trump’s Crypto Links, Gala Plans

In the meantime, reports circulated that the 220 top TRUMP coin holders will attend the upcoming gala with the president on May 22. Crypto observers consider the upcoming gala one of several events linking Trump to multiple crypto ventures, a development that hasn’t gone well with some of the president’s political opponents.

It is worth noting that legislators from the Democratic Party capitalized on Trump’s association with multiple crypto ventures to stall the hearing on the proposed crypto bill.

Related: ​​Conflict of Interest Allegations Against Trump Stall U.S. Crypto Legislation Talks

They have alleged a conflict of interest against President Trump, citing his involvement with crypto-related ventures. The crypto community awaits the outcome of the planned TRUMP holders’ dinner. According to information on the meme coin’s website, the gala is “the most exclusive innovation in the world.”