U.S. President Donald Trump is set to host an exclusive private dinner on May 22 for the top 220 holders of his $TRUMP memecoin, with the 25 biggest investors receiving VIP access. The announcement ignited a surge in the coin’s value, climbing over 60% this week, as reported by Reuters.
Described as an “intimate” gathering to discuss the future of digital currency, the event is promoted with AI-generated imagery of Trump and slogans like “Don’t Miss Out” and “BE PART OF HISTORY!”
Since its launch in January, the $TRUMP coin has generated an estimated $350 million, drawing both investor excitement and political backlash. Trump, who once criticized cryptocurrency, has fully embraced it, with his family launching similar coins and backing ventures like World Liberty Financial. His administration has shifted to a pro-crypto stance, rolling back Biden-era rules and creating a U.S. bitcoin reserve.
The president’s involvement has sparked fierce criticism from Democratic lawmakers, who accuse him of leveraging public office for personal profit. Senators Chris Murphy and Adam Schiff labeled the venture “brazenly corrupt,” while Sen. Elizabeth Warren said Trump is “prioritizing profits over working-class Americans” in a statement to The Guardian.
The Securities and Exchange Commission has yet to regulate memecoins, despite their rising popularity and Trump’s gains, deepening concerns about transparency and accountability.