Trump Gala Dinner Guests Sell Tokens Ahead of Event as Prices Drop 8% Amid Protests

On May 22, the President hosted a notable dinner for prominent owners of the TRUMP memecoin, attracting influential figures from the cryptocurrency realm and beyond.

This exclusive gathering, announced in April, was limited to the top 220 holders of the TRUMP token. Among them, the 25 largest stakeholders received special VIP treatment, including a private meet-and-greet with the President prior to the main event.

As reported by CryptoRank, the attendees held a combined total of around $394 million in TRUMP tokens leading up to the dinner. Remarkably, 72% of the guests hailed from outside the United States, showcasing the memecoin’s international allure.

Justin Sun, the founder of TRON, was the most prominent attendee, boasting a stake of $19 million in the TRUMP token. On average, guests possessed roughly $1.79 million in TRUMP, with a median investment figure sitting at about $348,000.

Attendees of the TRUMP Dinner

Although there was no official guest list released by Trump’s team, confirmations from social media and blockchain data helped identify several participants.

Notable attendees included Justin Sun, Vincent Liu from Kronos Research, Synthetix’s creator Kain Warwick, Magic Eden’s CEO Jack Lu, and representatives from various crypto projects, including Biconomy and SolCex, though some remained unnamed.

Other attendees included former NBA player Lamar Odom, who has recently introduced the ODOM token, as well as executives from MemeCore like Rudy Rong, and Russian entrepreneur Nikita Anufriev.

Guests described the gathering as a significant meeting of global crypto innovators, many traveling in from Asia and Europe. Liu remarked:

“Hearing the President express his support for cryptocurrency in person was incredibly inspiring and motivating.”

Photos circulating on social media depicted a lavish dinner featuring halibut, filet mignon, and a signature salad named after Trump.

In a notable moment, Sun shared that he received a Trump Tourbillon Watch during the dinner.

TRUMP Token Activity Post-Dinner

While the dinner aimed to celebrate the success of the token, market reactions quickly turned negative. Soon after the event, TRUMP’s price fell over 7% to $13.70.

Blockchain analysis indicated that almost half of the attendees had already liquidated their TRUMP holdings. In fact, 92 of the 220 wallets eligible for the event had completely exited their positions prior to the gathering.

Furthermore, the total token holdings among the largest stakeholders decreased from 11.3 million to 7 million following the dinner.

The high-profile event also faced backlash from protestors and lawmakers who labeled it a pay-to-play scheme.

Senator Chris Murphy deemed the gala “corrupt” and called for Trump to disclose the official guest list if the dinner was conducted in good faith.

He stated:

“Trump’s memecoin is a conduit for corruption. It allows for discreet payments to Trump in exchange for private access to the President. If the dinner with major coin buyers was above board, he’d release the guest list. But it’s corrupt, which is why the list remains concealed.”