The $Trump token soared as much as 71%

The $Trump token soared as much as 71% on Wednesday after the project's organizers said President Donald Trump will attend a dinner

The price of the $Trump meme coin surged as much as 71% on Wednesday after the project's organizers said President Donald Trump will attend a dinner for the token's top 220 holders.

The token, which launched days ahead of Trump's inauguration in January, hit an intraday high of $16.17. By 1:02 p.m. ET, it pared its gains to about 41% at $13.39.

It's the highest price for the token since the beginning of March.

According to the official website for the meme token, Trump will be in attendance at a dinner scheduled for May 22.

The website reads, "Have Dinner in Washington, D.C. With President Trump!" and adds, "Will YOU be Having Dinner with PRESIDENT TRUMP?"

Trump has sparked a cryptocurrency bonanza earlier this year following his inauguration. In addition to minting his own meme coin, first lady Melania Trump also issued a $Melania token. The president has also made a push into the stablecoin arena via Liberty One Financial, a digital assets venture backed by Trump and his sons.

The $Trump coin site said the top 25 holders of the token would be invited to an exclusive reception with Trump before the dinner.

"PLUS, We have separately arranged for a Special VIP White House Tour for you - so make sure you stay in town," the website reads.

A disclosure on the website said the tour is being arranged by FightFightFight LLC and that Trump is appearing at the dinner "as a guest and not soliciting any funds for it."

To be eligible to attend, if selected, holders cannot be from a KYC watchlist country, they must pass a background check, and cannot bring guests.