The team behind the Donald Trump memecoin created a trading frenzy by announcing that top holders would be invited to a gala dinner with the US president. The event is scheduled for May 22, and only the top 220 TRUMP coin holders will attend. This announcement led to a nearly 60% price surge within an hour. Two organizations, CIC Digital LLC and Fight Fight Fight LLC, which own 80% of the coin supply, benefit primarily from trading volume rather than price changes. These firms earn fees ranging from 0.1% to 10% per trade. Despite the price increase, sophisticated traders sold their stakes, indicating skepticism about long-term value. Critics worry about the potential for bribery through investments in the coin. While the price may drop after the dinner event, future perks might mitigate declines. \n— new from WIRED
