Michelle Conlin
NEW YORK (Reuters) – President Donald Trump's meme coin soared more than 60% on Wednesday after announcing “the world's most unique invitation” on Wednesday, and offered a private dinner to the president on May 22.
It was announced that in addition to a dinner at Trump National Golf Club in Washington, the top 25 holders will also receive “super proprietary private VIP reception with the president” and “special tours.”
Posts on the website that promotes Trump coins are the latest information on a series of cryptocurrency-related attempts made by Trump and his family, which are just hundreds of millions of dollars in fees.
The Trump family’s adventures include new crypto exchanges, world free finance and the hub of cryptocurrency for Trump Media Technology Group, a social media company whose president owns $3 billion stake.
Trump has promised to be the first “crypto president” in the United States, and his administration has acted quickly to reduce crypto enforcement and simplify the industry’s regulatory framework.
While the president is also monitoring the new oversight regime, the family’s push has joined the cryptocurrency, raising concerns about potential conflicts of interest and impact on a ride.
Tony Carrk, executive director of the nonpartisan government ethical regulator group (Coursebal.us), said Trump and Trump coin holders plan to be “a competition” at the dinner of $Trump coin holders.
“Never a president has a president who uses the office to put money in his pocket, or has greater potential for special interests to buy the government is favored by threatening public interests,” Kalke said.
“President Trump's assets are trusts managed by his children. There is no conflict of interest,” said White House Deputy Secretary Anna Kelly.
The $Trump coin was launched ahead of the president's inauguration on January 20, hitting $74.59 on April 7 before falling to a low of $7.14 on April 7. Crypto Analytics' chain analysis found that as of March 12, coins incur at least $350 million in fees for entities connected to the president.
Just last week, crypto observers expected the Trump coin to collapse as 40 million new tokens will be unlocked. However, the coin account on X said Wednesday that unlocking would be delayed by 90 days.
The terms of the Trump dinner state that “President Trump may not be able to attend”, but the winners will receive a limited edition Trump NFT, “replaced.”
(Reported by Michelle Conlin; Edited by Tom Hogue)
