Dramatic event before Trump's VIP dinner has token slipping 13%
A dramatic event took place on May 22 as President Donald Trump hosted the top 220 holders of the TRUMP meme coin at the VIP dinner.
A pseudonymous on-chain sleuth, who goes by the X handle "dethective," revealed that a large number of dinner attendees dumped the meme coin before arriving at Trump's golf club just outside Washington, DC for the private dinner.
A meme coin is a type of cryptocurrency that is inspired by an internet meme or trend and parodies mainstream cryptocurrencies such as Bitcoin.
As per the sleuth, almost 1 in 2 people who attended the dinner weren't holding any TRUMP token in their wallets while attending the dinner.
In fact, 92 out of 220 wallets held no TRUMP tokens on the day. In fact, more than 40% of the dinner guests had dumped their tokens, the sleuth analyzed.
The token balance among top TRUMP holders slipped from 11.3 million to 7 million following the much-publicized event.
The TRUMP meme coin declined by 13% in a day and was quoting 15.87 at press time.
Trump launched the eponymous meme coin on Jan. 17 when industry leaders were at an unofficial ball organized by crypto companies to celebrate the pro-crypto presidential candidate's win.
The token hit its record high of $75.35 on Jan. 19, a day before his presidential inauguration. However, it fell below $30 by the end of January and continued to decline until the Apr. 23 announcement of the dinner, which led to the token floating above the $15 price mark.
The 220 guests spent roughly $394 million to make it to the VIP dinner, CryptoRank revealed on X.
TRON founder Justin Sun, who acquired TRUMP tokens worth $19 million, was the most high-profile guest who said Trump "awarded" him a Trump Golden Tourbillon watch.
72% of the guests were from outside the U.S., data showed.
About 100 demonstrators showed up to protest the gala event, decrying, "America is not for sale."
Dramatic event before Trump's VIP dinner has token slipping 13% first appeared on TheStreet on May 23, 2025
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