Donald Trump's Private Dinner Invitation Sends His namesake Meme Coin TRUMP Token Price Soaring

A private dinner invitation from Donald Trump sent ripples through the crypto market this week, triggering a sharp price rally for his namesake token.

An invitation to a private dinner with Donald Trump has sent ripples through the crypto market, triggering a sharp price rally for the president’s namesake token.

The invitation, announced on the project’s official website, offers the top 220 holders of the TRUMP meme coin an exclusive gala dinner with the U.S. president. This event has rapidly driven demand and speculation around the controversial token.

Within hours of the announcement, which was made on the Trump Meme website, the TRUMP token surged over 60%. It soared from $9.18 to a high of $14.7 before plunging to $12.61, according to CoinMarketCap data.

The market responded quickly as traders mulled over the social and financial value of gaining direct access to a sitting president. The dinner, set for May 22 at Trump National Golf Club in Washington, D.C., will be hosted only by those who verify their TRUMP token holdings through a connected digital wallet.

Only the largest wallet holders will be invited to attend the dinner, and the vetting process is strict. Participants must pass a personal background check, cannot come from a KYC watchlist country, and are prohibited from bringing guests. All expenses related to the event, including travel, accommodation, and transportation, must be covered by the participants themselves.

The TRUMP token, which launched days before Trump’s January inauguration, has sparked waves of controversy since its debut. Critics within the crypto community and on Capitol Hill have expressed concerns that the token could allow anonymous foreign entities to funnel money directly to a U.S. president.

Lawmakers have also warned that the project lacks transparency and could violate campaign finance or ethics rules. However, the promise of exclusive access to Trump has enticed investors who are willing to take the risk.

After reaching a peak market cap of $14 billion shortly after its launch, the token experienced a dramatic decline, halving in value by January 20. It now trades at a market cap of roughly $2.6 billion, but the recent rally has brought renewed attention and scrutiny to the project.

As the May 22 dinner approaches, the TRUMP token remains in the spotlight, both for its performance and the political and ethical questions surrounding its existence.