Donald Trump Will Host a $TRUMP Memecoin Dinner at His National Golf Club

Just three days before the inauguration, Mr. Trump posted on Truth Social, his social media site, that he was selling the coin.

Former President Trump is planning a fundraising dinner that will include a menu item that is sure to spark interest among memecoin traders: an appearance by the president himself.

As reported by Bloomberg, Trump will be hosting a dinner on May 22 at the Trump National Golf Club in Bedminster, New Jersey, to benefit the former president’s political action committee, MAGA Inc. The event will also feature a discussion about “the future of crypto.”

While the combination of Trump and crypto may conjure up images of a pyramid scheme or other such scams, the dinner announcement appears calculated to ignite more interest in the coins.

Earlier this year, Trump announced his own memecoin, which is named $TRUMP. The token is sold on the Stellar blockchain and can be purchased through the cryptocurrency exchange StellarX.

Memecoins tend to rise and fall quickly, and $TRUMP’s price crashed after traders quickly grew tired of the token. Those traders who had accumulated the coin suffered more than $2 billion in cumulative losses.

The dinner announcement comes just days after the memecoin reached a new all-time low price of $0.000001. However, since that time, the coin’s price has gradually climbed. As of press time, $TRUMP trades for around $0.0000012.

When $TRUMP went on sale in January, a large stash of the coins were allocated to the project’s backers. But rules built into the offering prevented those insiders from selling any of the coins until last week, raising fears that they would try to offload their holdings and cause $TRUMP’s price to drop further.

Instead, the price gradually climbed in the days before the invitation was released, and then surged as the announcement went live.

The memecoin’s website said that the dinner with Mr. Trump would be taking place on May 22 at the Trump National Golf Club, and that the president would be discussing “the future of crypto.”