Tiny Trump Token Holders Spark Surge Following Dinner Invitation

(Cryptonesia) -- It seems that smaller investors holding tokens related to the Donald Trump meme coin were at the forefront of increased token transactions following an announcement from the crypto’s creators stating that major stakeholders would have dinner with the former President.

Almost 10,000 digital wallets moved Trump coin tokens following the announcement at dinnertime on Wednesday, marking a 200% increase from the prior day, as per an examination of blockchain information conducted by crypto research firm Kaiko. The majority of this action came from wallets holding under $100,000 worth of these tokens.

This Trump memecoin is primarily fueled by retail interest; it's like the WallStreetBets of cryptocurrency," explained Adam Morgan McCarthy, a research analyst at Kaiko. "Nobody believes this will shape the future of finance. Instead, it seems more about enjoying the idea of spending some time associated with Donald Trump.

Despite this, the scheduled event has sparked significant criticism from detractors regarding possible conflicts of interest and ethical breaches. Last week, Senators Adam Schiff from California and Elizabeth Warren from Massachusetts cautioned that the exclusive dinner might represent "quid pro quo" corruption, urging for an inquiry into ethical concerns.

CIC Digital LLC, which is affiliated with the Trump Organization, along with Fight Fight Fight LLC, the entity behind the memecoin, did not promptly respond to requests for commentary.

Explore further information on Trump memecoins:

President Trump to Host Dinner for Owners of His Memecoin

Trump Meme Coin Highlights Constraints of Cryptocurrency's Democratic Appeal

Cryptocurrency Leaders Alarm Over Trump-Backed Memecoins Damaging the Sector

The first 220 individuals holding the highest number of tokens will enjoy a meal with the President on May 22 at Trump National Golf Club close to Washington D.C. Those interested must sign up for participation, and a leaderboard tracks these token holders to finalize the guest list. Additionally, the top 25 participants will get an invitation to attend a pre-dinner gathering where they’ll also receive a guided tour of the White House. According to the site, rankings among registered members are based on their average Trump coin holdings from April 23 through May 12. advertising the gathering.

The current leaderboard shows an entry with $13,000 worth of the memecoin placed at position 220, which is also the threshold for securing a spot at the dinner event. For individuals to make it onto this leaderboard, they must sign up using their self-managed, blockchain-registered wallets directly on the coin’s website.

The meme cryptocurrency made its debut just a few days prior to President Trump's swearing-in ceremony and has significantly depreciated in value since then. It peaked at almost $15 billion but now stands around $2.9 billion as per CoinMarketCap, which monitors digital currency statistics. The figures also indicate that over the past day, this particular coin has seen a decline of 2.5%.

This isn't the initial seated dinner event involving supporters of Trump’s cryptocurrency initiatives. Prior to potentially winning a second term, Trump organized dining sessions for purchasers of his non-fungible token (NFT) collection. During these events, individuals who invested $7,425 for 75 digital trading cards gained eligibility. dinner with Trump at his exclusive club and rare edition sneakers.

--Assisted by Muyao Shen.