Former President Donald Trump announced plans to host a private dinner for the top 220 holders of $TRUMP, the memecoin he launched shortly before leaving office. The event was advertised on the $TRUMP coin’s homepage, offering a VIP package for the top 25 holders, including a private reception with Trump and a White House tour. Participants will be selected based on the amount of $TRUMP they own and how long they hold it between April 23rd and May 12th. At its peak, the $TRUMP token reached $75.35 on January 19th but has since dropped by 88%, sitting at $9.18 before the contest announcement. Following the promotion, the coin surged over 50%, reaching $14.32 and adding $100 million in value. Democratic Senators criticized the move, with Sen. Chris Murphy calling it “the most brazenly corrupt thing a President has ever done.” Senators Elizabeth Warren and Adam Schiff requested an investigation into potential “pay-to-play” corruption. However, the likelihood of an investigation is low due to Republican control of Congress and Trump’s previous dismissal of the Office of Ethics director. Trump has shown strong ties to the crypto community, appointing a “crypto czar” and eliminating the Justice Department unit prosecuting crypto fraud.
— new from The Verge
