.jpg&w=3840&q=100)
The Trump Memecoin Dinner Winners Are Getting Rid of Their Coins
May 16, 2025 12:45 PM Many of the crypto investors preparing to attend an exclusive gala dinner with US president Donald Trump have offloaded the coins that won them their seats. Photograph: Kirill Aleksandrovich/ Shutterstock
Next week, a coterie of crypto investors will share an extravagant dinner with US president Donald Trump at his golf club in Washington D.C. They won their seats at the dinner by purchasing large amounts of Trump's personal crypto coin. But since their places were confirmed on Monday, almost half have gotten rid of their holdings whether by selling the coins or transferring them to different wallets, a WIRED analysis shows.
The team behind the TRUMP coin announced the dinner competition on April 23, promising to invite the top 220 holders to dine alongside the president. The top 25, meanwhile, would qualify for a doubly exclusive tour and pre-dinner reception, the website explained.
The organizers selected the attendees based on who had bought the most TRUMP and held their coins the longest between the announcement date and May 12. Although a few of the winners have identified themselves publicly—like Sheldon Xia, founder of crypto exchange BitMart—the identities of most are concealed behind leaderboard usernames and alphanumeric crypto wallet addresses.
To claim a spot at the dinner, investors had to purchase at least 4,196 units of the TRUMP coin, worth about $54,000 at the time of writing. To qualify for the reception, the VIPs held around 325,000 TRUMP coins on average, worth roughly $4.2 million.
At the time of writing, 100 of the 220 attendees have done away with practically their entire TRUMP stash, including 17 of the 25 VIPs. One VIP, going by the username Woo, appears to have made a $2.5 million profit on their TRUMP holdings, which they delivered to crypto exchange Binance on Wednesday, presumably with the intention to sell.
Though the attendees would appear to be eager for an audience with Trump, their trading activities since the competition deadline appear to imply a low conviction in the long-term potential of the president's coin as an investment asset. Representatives for Trump did not respond immediately to a request for comment.
That sentiment appears to be shared broadly among sophisticated crypto investors. As of Friday, only nine smart money traders—meaning those with a strong track record of profitability—are invested in the TRUMP coin, according to analysis by Nicolai Søndergaard, research analyst at blockchain analytics company Nansen.
After the dinner was first announced, analysts expressed concerns about a potential slump in the price after the spaces at the dinner had been confirmed, caused by a sell-off among investors whose immediate incentive to hold the coin had evaporated.
On May 12, the day of the competition deadline, the organizers tried to encourage the qualifying attendees to hold onto their coins, presumably in a bid to avoid a sell-off. Any attendees who arrived at the dinner with as many units of TRUMP as they held at the end of the competition, the organizers announced on X, would be rewarded with a 'very special and rare' NFT. They also teased a 'rewards points program,' the details of which have not yet been revealed.
Though many of the qualifying attendees were apparently unmoved by the prospect, choosing to forgo the NFT in favor of offloading their coins, it has not had a material detrimental impact on the TRUMP price. At the time of writing, the TRUMP coin is trading for $12.86 per unit, down from $14.59 on May 12.
The limited decline in price had been predicted in some quarters, attributed to the possibility that holding the coin might yield yet further perks or advantages in future—potentially including access to Trump.
In establishing an explicit quid pro quo—a large investment in exchange for a dinner with the president—the competition effectively turned TRUMP into a so-called utility coin. That idea is underscored by the rewards program teased by the organizers.
'The market will expect further utility to come from holding that coin,' Nathan van der Heyden, head of business development at crypto company Aragon, told WIRED in April. 'Before, you were speculating on a TRUMP coin with no utility. Now you're speculating on future access to Trump. That has to be worth a bit more money.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
17 minutes ago
- Associated Press
AP top stories June 3
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world's population sees AP journalism every day.
TechCrunch
18 minutes ago
- TechCrunch
Unity CTO Steve Collins steps down after six months
Steve Collins, the CTO of the game engine developer Unity, is stepping down, a company representative confirmed to TechCrunch. He joined Unity just six months ago after serving as CTO of King, the mobile gaming company behind Candy Crush. According to Unity, Collins made the decision to leave the company of his own accord. 'We can confirm that Steve Collins has decided to leave Unity for personal reasons,' a company representative said. 'We're grateful for his contributions. As we continue our transformation, we're confident our world-class tech team will keep driving the strategy forward.' Unity has faced much internal strife over the last few years. In fall 2023, the company announced controversial changes to its pricing model that enraged the developer community. Though some of these changes were walked back, the company's CEO John Riccitiello resigned as a result. Months later, Unity laid off 25% of its staff, amounting to 1800 jobs. Though Unity now has some distance from those events, some game developers remain distrusting of the company. Collins' departure is not necessarily related to the Unity's struggles, but another executive shakeup could prove disruptive. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW
Chicago Tribune
18 minutes ago
- Chicago Tribune
President Donald Trump tax bill will add $2.4 trillion to the deficit and leave 10.9 million more uninsured, CBO says
WASHINGTON — President Donald Trump's big bill making its way through Congress will cut taxes by $3.75 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office. The CBO also estimates an increase of 10.9 million people without health insurance under the bill by 2034, including 1.4 million who are in the United States without legal status in state-funded programs. The package would reduce federal outlays, or spending, by nearly $1.3 trillion over that period, the budget office said. What is the CBO? A look at the small office inflaming debate over Trump's tax bill'In the words of Elon Musk, this bill is a 'disgusting abomination,'' said Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, reviving the billionaire former Trump aide's criticism of the package. House Speaker Mike Johnson said he called Musk late Tuesday to discuss the criticism but had not heard back. 'I hope he comes around,' Johnson told reporters. The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by the Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page-plus package. Ahead of the CBO's release, the White House and Republican leaders criticized the budget office in a preemptive campaign designed to sow doubt in its findings. White House press secretary Karoline Leavitt said the CBO has been 'historically wrong,' and Senate Majority Leader John Thune said the CBO was 'flat wrong' because it underestimated the potential revenue growth from Trump's first round of tax breaks in 2017. The CBO last year said receipts were $1.5 trillion, or 5.6% greater than predicted, in large part because of the 'burst of high inflation' during the COVID-19 pandemic in 2021. White House Budget Director Russ Vought said when you adjust for 'current policy' — which means not counting some $4.5 trillion in existing tax breaks that are simply being extended for the next decade — the overall package actually doesn't pile onto the deficit. He argued the spending cuts alone in fact help reduce deficits by $1.4 trillion over the decade. Democrats and even some Republicans call that 'current policy' accounting move a gimmick, but it's the approach Senate Republicans intend to use during their consideration of the package to try to show it does not add to the nation's deficits. Vought argued that the CBO is the one using a 'gimmick' by tallying the costs of continuing those tax breaks that would otherwise expire. Leavitt also suggested that the CBO's employees are biased, even though certain budget office workers face strict ethical rules — including restrictions on campaign donations and political activity — to ensure objectivity and impartiality. 'When it comes time to make prognostications on economic growth, they've always been wrong,' House Majority Leader Steve Scalise, R-La., said at a press conference. Asked if it's time to get rid of the CBO, Scalise did not dismiss the idea, saying it's valid to raise concerns. Alongside the costs of the bill, the CBO had previously estimated that nearly 4 million fewer people would have food stamps each month due to the legislation's proposed changes to the Supplemental Nutrition Assistance Program, known as SNAP. The bill, called the One Big Beautiful Bill Act after the president's own catch phrase, is grinding its way through Congress, as the top priority of Republicans, who control both the House and the Senate — and face stiff opposition from Democrats, who call it Trump's 'big, ugly bill.' All told, the package seeks to extend the individual income tax breaks that had been approved in 2017 but that will expire in December if Congress fails to act, while adding new ones, including no taxes on tips. It also includes a massive buildup of $350 billion for border security, deportations and national security. To help cover the lost revenue, Republicans want to slash some federal spending. They propose phasing out green energy tax breaks put in place during Democrat Joe Biden's presidency. New work requirements for some adults up to age 65 on Medicaid and SNAP would begin in December 2026 and are expected to result in less spending on those programs. Republicans argue their proposals are intended to make Medicaid and other programs stronger by rooting out waste, fraud and abuse. They want the federal funding to go those who most need health care and other services, often citing women and children. But Senate Democratic Leader Chuck Schumer said those claims are bogus and are simply part of long-running GOP efforts to repeal and replace the Affordable Care Act, or Obamacare, as most states have expanded Medicaid to serve more people under the program. 'They just want to strangle health care,' Schumer said. The package also would provide a $4 trillion increase to the nation's debt limit, which is now $36 trillion, to allow more borrowing. The Treasury Department projects the debt limit will need to be raised this summer to pay the nation's already accrued bills. Now in its 50th year, the CBO was established by law after Congress sought to assert its control, as outlined in the Constitution, over the budget process, in part by setting up the new office as an alternative to the White House's Office of Management and Budget. Staffed by some 275 economists, analysts and other employees, the CBO says it seeks to provide Congress with objective, impartial information about budgetary and economic issues. Its current director, Phillip Swagel, a former Treasury official in Republican President George W. Bush's administration, was reappointed to a four-year term in 2023.
