Trump's Meme Coin Contest Fuels Access-for-Sale Allegations
The company behind the OFFICIAL TRUMP (CRYPTO:TRUMP) meme coin has announced a contest for the top 185 holders, offering a seat at an exclusive presidential dinner. The gala, set for November 22 in Washington, will be held at a Trump-branded property and will feature a VIP reception for the top 29 holders. The top 4 holders will receive an 18-karat trademarked gold watch.
The contest is time-weighted, meaning it favors early buyers who hold the token until the event. The largest account holds $104 million of TRUMP, which has a market value of $583.6 million and ranks 108 among crypto assets.
TRUMP hit its all-time high of $73.43 on January 19, 2025, but has since collapsed by 97.18%. It has gained 43.18% over the past 60 days, but remains down 72.54% over the past year. Investors in the meme coin are estimated to be $3.2 billion underwater.
Public Citizen has criticized the contest, calling it an 'access market presented as a loyalty reward.' The group argues that the time weighting and screening process create a sales mechanism built around access to the president.