The value of Donald Trump’s meme coin, $TRUMP, surged by over 50% following an announcement that its top 220 holders will be invited to a private gala dinner with the former president on May 22. The top 25 holders are also set to enjoy an ultra-exclusive VIP reception and a special tour. Despite this increase, the coin’s price remains significantly below its peak just before Trump’s January inauguration, when it reached $75. The recent rise comes amid expectations of a delayed ‘unlock’ period for original investors, which typically causes price drops. Meme coins, like $TRUMP, are digital tokens inspired by trends and viral moments, often lacking inherent utility. While initially skeptical of cryptocurrency, Trump has embraced the sector, dubbing himself the ‘crypto president.’ His ventures include hiring David Sacks as an AI and crypto tsar and launching a national stockpile of cryptocurrencies. The Trump family has further expanded into the crypto space with Melania Trump’s own meme coin and the establishment of World Liberty Financial.
— new from The Guardian
