$TRUMP The meme coin of Trump skyrockets after inviting the top 220 holders to dinner

The invitations to a private reception with the U.S. president drive a 50% increase in the price of $TRUMP and raise concerns about conflicts of interest.

Thursday, April 24

Share

The value of Donald Trump's meme coin increased by more than 50% on Wednesday after his official website stated that the top 220 holders of the coin would be invited to a private gala dinner with the president on May 22.

The top 25 holders of the coin will also receive "an ultra-exclusive VIP reception with the president," as well as a special tour, according to the website.

The coin, called $TRUMP, rose more than 50% after the announcement, trading at approximately $14.70. It slightly fell to $12.30 in early trading on Thursday, according to Coin MarketCap.

A bitcoin ATM

Critics criticize the deregulation of cryptocurrencies while the Trump family expands its presence in the industry.

Read more

Despite the strong increase, the price of the president's coin is well below the peak reached just before his inauguration in January, when it skyrocketed from about $6 to $75. The launch of coins for Trump and his wife, Melania, has led experts to accuse the couple of embarrassing conflicts of interest.