The second annual Trump memecoin gala went ahead at Mar‑a‑Lago on April 25 — even as the president’s flagship $TRUMP token traded near record lows, turning an “exclusive” on‑chain perk into a cautionary case study in memecoin risk. Hundreds of the largest holders still traveled to Palm Beach for speeches, merch and photo ops with Donald Trump, but the mood was tempered by the token’s collapse. Organizers limited entry to the top 297 $TRUMP wallets, with the top 29 invited to a VIP reception and a champagne toast with the president — access determined by an on‑chain leaderboard rather than traditional tickets, the event promoter said. According to the New York Times, $TRUMP was trading around $2.83 as shuttles ferried attendees to Mar‑a‑Lago — roughly 80% below its price at last year’s event. Crypto exchange data shows a much steeper decline from the token’s early‑2025 peak near $73–$75: about a 96% crash that erased roughly $4.3 billion in paper value for early holders. The price slide hit attendance costs, too. Bloomberg reported Danish investor Morten Christensen paid about $1,200 in tokens for last year’s dinner but managed a similar lunch this year for “just around $500.” “My wife wasn’t interested in joining me,” Christensen said, highlighting how the pilgrimage can feel more speculative than social for many attendees. Trump billed the gathering as one of the “most exclusive crypto and business” events, but social and trading platforms zeroed in on the token’s collapse. Stocktwits called out heavy selling and “idiosyncratic token risk,” and leaked livestream clips and hot‑mic moments circulated widely, with traders mocking the contrast between Trump‑branded swag and the coin’s chart. For many small holders who bought near the highs, the Mar‑a‑Lago spectacle was less a victory lap and more a reminder of how quickly memecoin euphoria can become a costly drawdown. The weekend underscored that politically branded tokens carry concentrated, on‑chain exposure — and that exclusivity tied to wallet balance can turn into an expensive lesson when prices fall. Read more AI-generated news on: undefined/news