Trump Meme Coin Surges Then Drops After Exclusive Dinner Promo
The price of the Trump meme coin, $TRUMP, saw a brief surge after a crypto firm promoted an exclusive dinner with President Donald Trump. The event, scheduled at Trump National Golf Club in Virginia, included seats for winners selected based on their $TRUMP purchases over the next two months. This promotion pushed the coin’s value from $2.05 to $2.23, though it quickly dropped back to $2.04.
Meanwhile, the largest holder of $TRUMP moved approximately $70 million worth of tokens into a sellable account. The transfers occurred on September 1 ($27 million), September 6 ($26 million), and September 20 ($18 million). Experts suggest this is a precursor to selling, raising concerns about the coin’s stability.
Zach Everson, research director at Public Citizen, noted that while regular buyers are encouraged to hold for a chance at dinner with Trump, the creators’ tokens are being positioned for sale. Trump reportedly made over $600 million from the meme coin last year, while retail investors have reportedly lost $4.7 billion overall on his crypto ventures.
Corey Frayer, a former adviser to ex-SEC Chair Gary Gensler, speculated that the dinner announcement was timed to drive up the coin’s price for higher-value sales. A White House official denied claims of buying access, stating the event is private, not a government function. Bill Zanker, the Trump associate behind the coin, declined to comment.