US President Donald Trump is leaning against the world of cryptocurrency this month. The two famous dinners target wealthy political donors and holders of Trump tokens, the holders of meme coins with his name.
Together, these crypto-centric events could generate support for millions and establish further Trump’s growth with the digital asset community.
The first event scheduled for May 6th is a gorgeous $1.5 million fundraiser, one of the most expensive dinners in the history of the US president.
The event is hosted by Maga Inc. and includes special guests from David Sacks, a well-known venture capitalist and advocate for voices to reshape US Crypto and AI regulations.
On May 22nd, Trump will hold his second dinner at a private club, Trump National, in the Washington, DC area.
Uniquely, this is funded by Crypto, not cash.
Access to the Gala is determined through a blockchain-based leaderboard contest run by the creators of $Trump Memecoin.
By May 12th, the Top 220 Token Holders will be allowed to enter, with the Top 25 receiving VIP access and private reception, and the Black Tie option “WIP White House Tour.”
The tactics of this gaming campaign promoted great attention and value in the $Trump Token.
Since the announcement of the gala dinner, tokens have skyrocketed by over 50%, lifting the value of the wallet paper held by early supporters and project insiders.
However, the setup sparked controversy.
Watchdog Group’s accountability has denounced the contest as “the most naked, corrupt and self-rich scheme in the history of the US president,” citing concerns about the possibility that wealthy and perhaps foreigners could purchase influence through crypto stocks.
In addition to criticism, the fine print of the contest includes a disclaimer that Trump’s attendance is not guaranteed and in the event of a cancellation, the winner will instead receive a Trump-themed NFT.
$Trump Token trading activities have generated more than $324 million in trading fees since its launch in January, according to Chain Analysis, an on-chain analytics company. This is a Trump-related entity that is primarily routed to wallets managed primarily by token creators.
The project’s website claims that around 80% of the token supply is held by Trump organizations and associated wallets.
According to the project site disclosures, to facilitate public scrutiny, coin insiders have agreed not to sell their holdings for at least 90 days.
