Controversial memecoin created by Donald Trump in January soared 58%

A controversial memecoin created by Donald Trump in January soared 58% Wednesday after its website said the top 220 investors will be invited to a dinner with the US President on May 22.

A controversial memecoin created by Donald Trump in January soared 58% on Wednesday after its website said the top 220 investors will be invited to a dinner with the US President on May 22.

The 25 top holders will also be invited to a VIP reception with the president and receive a tour of the White House.

Winners will be determined by their average holdings from April 23 to May 12.

As of Wednesday, the value of a TRUMP stake to notch an invite stood at almost $400,000, according to SolScan, a Solana analytics website.

This marks the first time that the Commander-in-Chief is peddling access through his own personal memecoin.

TRUMP was released on the Solana blockchain on the eve of the president’s January 20 inauguration. First Lady Melania Trump launched a separate memecoin, dubbed MELANIA.

Even though TRUMP debuted at more than $40 per token, it quickly crashed, hitting a low of about $7.30 early this month.

Trump’s memecoin drew an immediate rebuke from ethics experts, and leading voices in the crypto industry, including Ethereum co-founder Vitalik Buterin.

Critics said the token could be used to bribe the president, as any large purchases could, in theory, drive up the token’s value. Trump and his collaborators own 80% of the token’s supply, worth an estimated $11 billion as of Wednesday.

In response, congressional Democrats introduced the Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, in February. The bill would prohibit the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring or endorsing any security, future, commodity, or digital asset.

“We’re going to make corruption criminal again,” said Representative Sam Liccardo, a Democrat from California.

Given that Republicans control both houses of Congress, there is scant chance the bill will pass.

The news of the presidential memecoin gala comes just days after a batch of TRUMP tokens were unlocked, meaning the team behind the project could sell a portion of their holdings.

The unlocking event added 20% to the supply of circulating TRUMP tokens. Many investors opened short positions expecting a decline as the token’s creators began cashing out.

But the team appeared to re-lock the tokens and postpone upcoming locking events, according to a post on the memecoin’s X account.

“The tokens from the initial cliff and from the following three months of daily unlocks will remain locked, each for an additional 90 days,” according to the post.

Winners will be able to send someone in their place. But they cannot bring additional guests.

“This is one of the most exclusive events in the world,” the website reads.

“This is a high-security, high-status event with President Trump. If you earned a seat at the table, it’s because you earned it.”