Investors flock to Trump's golf club for a $148 million meme coin banquet, amidst public demonstrations
Donald Trump hosted a dinner for influential investors in his meme coin, the $TRUMP token, at his private country club in Northern Virginia on Thursday. The gathering drew criticism from opponents who claimed it demonstrated the president's prioritization of personal profit over public responsibility.
Approximately 220 of the coin's biggest shareholders attended the black-tie event, where the U.S. president spoke for around half an hour before dancing to the song YMCA. Over a hundred protesters gathered outside the Trump National Golf Club, wielding signs with messages like "America is not for sale," "stop crypto corruption," and "release the list."
Massachusetts senator Elizabeth Warren described the event as an "orgy of corruption," while White House press secretary Karoline Leavitt defended Trump's involvement, stating that all of the president's assets are managed by his children in a blind trust.
The investors, who gained access to the dinner by purchasing enough $TRUMP tokens, collectively spent an estimated $148 million. The top 25 holders alone spent over $111 million, according to crypto intelligence firm Inca Digital. A company controlled by the Trump family, as well as a second firm, own 80% of the remaining $TRUMP tokens and have reaped a total of $320.19 million in earnings, including at least $1.35 million following the dinner announcement, according to blockchain analytics firm Chainalysis.
Notable attendees included China-born crypto entrepreneur and billionaire Justin Sun, who invested $18.5 million worth of $TRUMP tokens and is the largest publicly known investor in the Trump family's crypto platform. Other attendees included an Australian crypto investor, a former online poker player turned crypto investor, and a software developer with significant Bitcoin holdings, among others.
Some pro-Trump crypto voices expressed concern that the president's personal involvement in the meme coin could hurt efforts to establish credibility within the industry.
The event concluded with an after-party, "Meme The Night," organized by a Singapore-based meme-coin engagement company called MemeCore.
Critics might argue that the war between prioritizing public responsibility and personal profit is evident, given the entertainment-filled event for $TRUMP token investors, with political figures like Donald Trump in attendance. Amidst the fray, celebrities like China-born crypto entrepreneur Justin Sun made an appearance, highlighting the intertwining of politics, general-news, and the crypto world.
