Michelle ThompsonThe value of Donald Trump’s cryptocurrency surged following his pledge to host two exclusive events for top investors.
According to the official site for the $Trump meme coin, the 220 largest holders have been promised access to a private gala dinner with Trump on 22 May, touted as the “most EXCLUSIVE INVITATION in the world.”
Coinbase data shows $Trump rose over 70% after the announcement, though it still trades well below its January peak of over $74 (£42.40).
This digital token is one of several crypto initiatives tied to Trump, who has referred to himself as the “crypto president.” Alongside the gala at Trump National Golf Club in Washington DC, the site notes a separate VIP reception for the top 25 investors.
The current market cap of the Trump tokens stands at roughly $2.5 billion, with the initial release occurring just days before his 20 January inauguration.
Despite the hype, some figures in the crypto community have dismissed the move as a publicity stunt.
The invitation on the meme coin’s website
Melania Trump also introduced her own cryptocurrency just before the inauguration.
Meme coins like these are typically used by traders aiming for quick profits or by fans looking to support celebrities or trending moments online.
After his return to the White House this year, Donald Trump signed an executive order forming a presidential task force to recommend new regulations for the crypto industry.
He also authorized the creation of both a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which will be filled with cryptocurrencies seized by the government in legal actions.
In addition, Trump’s media company revealed plans this week to roll out exchange-traded funds (ETFs).
These ETFs, developed by Trump Media & Technology Group—owner of Truth Social—and its partners, will focus on digital assets and stocks aligned with a “Made in America” theme.
ETFs are diversified investment products that hold various assets and can be traded like regular shares.
