WASHINGTON — According to Chainalysis, a blockchain data company, President Donald Trump and his allies have accumulated nearly $900,000 in trading fees over two days from the $TRUMP cryptocurrency token. This surge followed an announcement promising dinner with the president for the top 220 holders of the token. The event, scheduled for May 22 at a private club in Washington, D.C., includes a reception for the top 25 holders and a VIP White House tour. The $TRUMP meme coin’s value increased by over 50%, reaching a total market value of $2.7 billion. Critics argue this move indicates the president is using crypto to enrich himself. Approximately 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates. Since its January launch, trading activity has generated about $324.5 million in fees for insiders. Meme coins derive their value largely from internet culture and social media hype rather than underlying utility or assets. Most of the $TRUMP supply remains locked under a three-year vesting plan to protect investors. Critics view the dinner contest as an explicit attempt to monetize presidential access. Democratic Sens. Adam Schiff and Elizabeth Warren are urging an investigation into potential ‘pay to play’ corruption. The White House and the company behind the meme coin did not respond to requests for comment. Delaney Marsco of the Campaign Legal Center stated that while it may not be illegal, it represents an unprecedented ethics breach. Molly White, a crypto researcher, noted that identifying participants is challenging due to the use of screen names. Trump’s pivot to supporting cryptocurrency contrasts with his earlier opposition, aligning with industry interests. The $TRUMP token offers no product or service and is part of a broader push into digital assets by the Trump family.
— new from NBC News
