Peeping the Trump Memecoin’s VIP Dinner
High-Roller Crypto Enthusiasts Splash Out an Average of $3.9 Million Each at Trump's Exclusive Crypto Soiree
The bigwigs gunning for the upcoming Trump meme coin dinner held an average of approximately $4.8 million in TRUMP tokens each to nail their spot.
Donald Trump's Solana-based meme coin is dipping by nearly 8% on the day.
The meme coin gang recently unveiled a new TRUMP rewards system for token holders.
Welcome to SCENEGrab hold of President Trump's meme coins, and you might just score a chance to rub elbows with the U.S. leader at a private reception and dinner, all thanks to an official leaderboard ranking.
The rankings were calculated using a time-weighted average of TRUMP holdings between April 23 and May 12, providing a score that was the basis for the leaderboard and ultimately your spot in the ballgame. The lucky top 25 finishers were granted "VIP" status with exclusive perks, while an additional 195 token holders got a comparatively scaled-down access.
"The First TRUMP Competition is officially over!," the official Get Trump Memes account squawked out (previously known as Twitter), as they spilled the beans about the token and its participants.
"The cream of the crop," AKA the VIPs, are in line for an exclusive reception with President Trump and a special tour before the dinner at Trump National Golf Club in Washington D.C. The balances of these TRUMP tokens varied from one investor to the next, with the generals averaging $4.78 million each when the snapshot was captured.
The big kahuna, known as "Sun," stashed away 1.4 million TRUMP tokens valued at a staggering $19 million at the moment of the snapshot. Some believe this "Sun" account belongs to billionaire Tron honcho Justin Sun, who previously plunked down $30 million for Trump-linked World Liberty Financial's governance token.
Although the wallet linked to Sun was linked to crypto exchange HTX, where Sun serves on the global advisory board, a spokeswoman for the crypto tycoon declined to comment when contacted by the New York Times.Decrypt attempted to get clarification from a Tron spokesperson but did not receive a response prior to publication time.
On the other end, the lowest of the VIPs, codenamed "Noah," showed no TRUMP tokens in his wallet by Monday afternoon.
The time-weighted calculation allowed non-clinging users like Noah and another guy going by "Top" to make the cut. Despite selling their TRUMP tokens in the last 10 days, they held at least 200,000 TRUMP tokens throughout the competition phase. Top even repurchased 14.52 TRUMP right before the snapshot and still holds the balance, valued at roughly $183 at the time of writing.
The TRUMP token made a splash in value when news about the dinner broke in April, causing a mad dash among users to secure the token in hopes of snagging a dinner spot.
With the competition concluded, the TRUMP token is plunging, currently down almost 8% within the past 24 hours to $12.78.
But the Get Trump Memes account fired up the engine to heat up token holders' interest, unveiling a Solana NFT as an incentive for maintaining one's leaderboard standing until the dinner on May 22.
Additionally, they introduced a Trump "rewards points" program with its own leaderboard and Elvis-like badges set to embark soon.
"The start of the Trump rewards points program for TRUMP is now!" they declared, sounding the alarm that the "next level" for the token would be revealed at the dinner.
The President's official Solana meme coin and his family's broader crypto ventures have attracted increasing attention, sparking concerns about potential conflicts of interest. Watchdog group Accountable.US labeled the TRUMP token leaderboard "the most nakedly corrupt self-enrichment scheme in U.S. presidential history."
Based on the terms and conditions, each invited guest must clear a background check to attend the dinner, and President Trump's appearance is not guaranteed. If the president can't make it or the event is canned, dinner guests will receive a limited-edition Trump NFT.
Edit by Andrew Hayward
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- In SCENE, holding a sufficient amount of President Trump's TRUMP meme coins could grant you entry to an exclusive dinner with the President, supported by an official leaderboard.
- The rankings on the leaderboard were calculated based on a time-weighted average of TRUMP holdings between April 23 and May 12, with the top 25 finishers scoring the VIP treatment, and an extra 195 holders getting scaled-down access.
- Although specific ownership information remains confidential, some high-profile figures like "Sun" are speculated to have amassed significant TRUMP token holdings, potentially totalling millions of dollars.
- With the competition now wrapped up, the TRUMP token has experienced a drop, currently trading at around $12.78.
- To incentivize token holders, a Solana NFT will be offered as a reward for maintaining one's leaderboard position until the dinner on May 22.
- In addition, a Trump rewards points system with its own leaderboard and collectible badges is set to launch soon, offering another layer of engagement for token holders within the entertainment and finance sectors, even involving celebrities.
