Trump's coin 'rises like a pillar'.

An image of Mr. Trump on one side of a coin. Photo: The Telegraph .

Early on April 24th, the official website of the memecoin TRUMP project announced that the 220 people holding the most cryptocurrency would have dinner with the current US president. This is the first "benefit" that token holders will receive after investing in the project.

“An exclusive invitation, for only the 220 people holding the most TRUMP. Meet Donald J. Trump, known as the Crypto President, at a private dinner. Here, listen to him talk about the future of digital assets,” the announcement on the project website stated.

According to the initial description, the party was to be held in Washington D.C. on May 22nd. Additionally, the 25 people with the most coins would get to meet the U.S. president and receive a “VIP tour.”

Following the announcement, the price of TRUMP cryptocurrency surged. From around $9 , it jumped to nearly $15 , equivalent to an approximate 60% increase in an hour. However, the current price of the cryptocurrency is still far from its peak of over $70 set when it was first listed.

Announcement regarding dinner with President Trump. Photo: $TRUMP.

To register, investors need to link their wallet on the project website and leave their personal information. The organizers will cross-check the token amount and holding period to compile the list. On the leaderboard, the person who bought the most TRUMP tokens has over 400,000 tokens, equivalent to $5.2 million .

Along with the cryptocurrency named after the current US president, his wife's Malania token also surged at the same time. From $0.40 , it rose to $0.52 .

Both of the Trump family's memecoin projects are backed by World Liberty Financial, a US-based cryptocurrency company.

According to the project website, members of the Trump family are participating in the role of representatives and advisors.

According to Bloomberg 's calculations based on publicly available data, this business has generated a paper profit of up to $1 billion to date. Specifically, a company affiliated with the Trump family received 75% of the net proceeds from the memecoin token offering. The Trump family owns 60% of World Liberty Financial through their company DT Marks Defi. The estimated amount they raised from the offering is approximately $550 million .

The launch of memecoin by the Trump family has sparked mixed reactions. Experts argue that this action negatively impacts the process of legitimizing digital assets. The project is also considered opaque and easily manipulated. Two entities linked to the US presidential family, CIC Digital and Fight Fight Fight LLC, hold up to 80% of the supply, which will be unlocked for three years.

Recently, World Liberty Financial also announced plans to launch a USD-backed stablecoin called USD1.