Trump Issues Meme Coin Named After Himself Before Inauguration
"Dinner Event for Top 220 Coin Buyers" Announced
Selected Holders Own Meme Coins Worth 210 Billion KRW in Total
It has been revealed that investors in the meme coin ($TRUMP) issued by U.S. President Donald Trump collectively hold $148 million (approximately 210 billion KRW) worth of the coin. According to GetTrumpMemes.com, the official website for the Trump meme coin, President Trump is scheduled to have a dinner on May 22 with the top 220 meme coin holders in Washington, D.C. On May 12 (local time), Reuters reported, "The top 220 participants for the dinner were determined by their meme coin holdings from April 23 to the present," adding, "The total amount held by these individuals is $147,586,796.41."
Among these, a coin wallet named 'SUN' holds the largest amount, possessing meme coins worth $18.5 million (approximately 26.12 billion KRW). This wallet is owned by the cryptocurrency exchange HTX, which is based in the Seychelles. The participant with the smallest amount is an anonymous wallet named 'ces', which holds about $59,000 (approximately 8.33 million KRW) worth of meme coins.
Last January, President Trump launched the $TRUMP meme coin three days before his inauguration. Meme coins are speculative cryptocurrencies created for entertainment purposes, such as jokes or popular phrases, reflecting online trends. Their prices fluctuate based on hype rather than intrinsic value. Immediately after its launch, the price surged to $75, briefly making President Trump a cryptocurrency billionaire. However, the price later plummeted to around $7.5. After the dinner event with President Trump was announced last month, the price rose sharply and is currently trading at about $14.
On April 23, the official website announced, "The top 220 buyers of the coin will be invited to a private dinner at President Trump's golf club in Virginia," adding, "The top 25 holders will also attend a welcome event to meet President Trump before the dinner and participate in a VIP tour of the White House." The real-time ranking of the 220 holders was also made public, drawing criticism for encouraging more purchases. In response, President Trump stated on his social networking service (SNS), "This is the most special and exclusive invitation in the world." However, the event's terms and conditions specify, "President Trump may not attend, and the event may be canceled for any reason," leaving the actual realization of the dinner uncertain.
The meme coin is largely held by companies owned by Trump, meaning that rising prices directly benefit President Trump. In addition, increased trading volume generates more transaction fees. The current market capitalization of the Trump meme coin is $2.74 billion (approximately 3.87 trillion KRW), and it is estimated that since its launch in January, it has generated over $100 million (approximately 141.3 billion KRW) in fee revenue alone. The New York Times (NYT) pointed out, "Businesses associated with President Trump own a significant amount of the coin," and added, "Whenever the price of the coin rises, the president personally benefits, at least on paper."
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