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Trump Memecoin TRUMP Plunges 15% After Gala, Holders Dump Tokens
HomeNews* TRUMP, a memecoin tied to U.S. President Donald Trump, saw the sharpest drop among the top 100 digital assets, falling 15% after a high-profile dinner event.
A post from crypto analytics user @dethective reported: “Almost 1 in 2 people who attended was holding 0 tokens…92 wallets are now holding 0 $TRUMP…The total token balance of the leaderboard before the dinner was 11.3 million.” The TRUMP coin does not provide holders with equity, dividends, or other financial rights. Donald Trump’s official website describes the token as “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol $TRUMP and the associated artwork.”
The dinner saw attendance by major crypto personalities, including Tron founder Justin Sun, who reportedly spent $40 million on the TRUMP token. Hyperithm CEO Oh Sang-rok distributed “Make Crypto Great Again” hats, while Kronos Research Chief Investment Officer Vincent Liu aimed to leverage the event for potential access to U.S. markets.
The gathering also encountered public criticism. Protesters outside the venue chanted “Shame!” as attendees arrived. Democratic Senator Jeff Merkley referred to the event as the “Crypto Corruption Club.” White House Press Secretary Karoline Leavitt denied any suggestion of presidential corruption, stating, “It’s absurd for anyone to insinuate that this president is profiting off of the presidency. This President was incredibly successful before giving it all up to serve our country publicly.”
For more context, the top 25 token holders gained access to a White House tour during the contest period. The cryptocurrency’s future use is now limited to its symbolic value, as the main utility of access to exclusive events has expired. More details can be found in the official event coverage and recent legislative reactions such as the MEME Act.
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