Donald Trump's meme cryptocurrency has seen a dramatic surge in value following a high-profile announcement: the former president will host two exclusive events for the coin’s top holders.
According to the official website for the $TRUMP token, the 220 largest investors will receive invitations to a private gala dinner with Trump himself on May 22. The site touts the gathering as the “most EXCLUSIVE INVITATION in the world.”
Following the announcement, the token skyrocketed over 70% on Coinbase. Despite the surge, it still trades below its peak of over $74, which it hit shortly after launching in January.
$TRUMP is one of several crypto ventures tied to Trump, who has dubbed himself the "crypto president."
In addition to the gala, the top 25 holders will gain access to an “ultra-exclusive” VIP reception with Trump, hosted at the Trump National Golf Club in Washington, D.C.
The total market value of Trump tokens currently stands at roughly $2.5 billion. They were released just days before Trump’s inauguration on January 20.
While some in the crypto world have dismissed the initiative as a publicity stunt, it's sparked considerable buzz online. The official invite was posted by Fight Fight Fight LLC, the entity behind the meme coin.
Former First Lady Melania Trump has also joined the crypto wave, launching her own digital currency on the eve of the inauguration.
Meme coins like $TRUMP are often speculative assets, used by investors seeking quick gains or by fans looking to show allegiance to a celebrity or cultural moment.
Trump has made headlines recently for his pro-crypto stance. After returning to the White House, he signed an executive order forming a presidential task force to explore new regulations for digital assets.
He also authorized the creation of a Strategic Bitcoin Reserve and a broader Digital Asset Stockpile, which will include cryptocurrencies seized through legal proceedings.
Adding to the momentum, Trump Media & Technology Group — parent company of Truth Social — announced plans this week to launch a range of exchange-traded funds (ETFs). The ETFs will focus on both digital assets and American-made stocks.
ETFs are investment vehicles that allow people to buy shares in a diversified portfolio of assets, offering a popular way to invest in sectors like crypto and tech. Photo by Gage Skidmore from Peoria, AZ, United States of America, Wikimedia commons.