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Donald Trump mines millions from meme coin fans in access-for-tokens model
US President Donald Trump is diving headfirst into the cryptocurrency world, hosting two high-profile dinners this month aimed at leveraging both political donors and meme coin enthusiasts to raise millions — and strengthen his influence in the emerging crypto sector.
The first event, held on May 5, is being billed as a 'Crypto & AI Innovators Dinner' and was hosted by MAGA Inc, the super PAC supporting Trump. The exclusive gathering comes with a hefty price tag of $1.5 million per plate, making it one of the priciest political fundraisers in recent history.
David Sacks, a prominent tech investor and policy influencer who has played a key role in reshaping crypto and AI regulations in Washington, will be a special guest at the event. The crypto community has welcomed Sacks' growing sway, hailing the shift in regulatory policy under Trump-aligned appointees as a dramatic reversal from the Biden administration's approach.
MAGA Inc is raising millions through these events, although how the funds will be spent remains unclear, especially since Trump is constitutionally barred from seeking a third term.
Meme coin gala: Access through tokens, not dollars
The second major event will take place on May 22 at Trump National, the president's private club near Washington, DC, and offers a novel approach to political access — bypassing traditional donations in favour of blockchain-based credentials.
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Entry to the black-tie-optional dinner is determined by holdings of the $TRUMP meme coin, a cryptocurrency launched earlier this year. The top 220 coin holders, according to a public leaderboard, will earn seats at the dinner, while the top 25 will receive invitations to a VIP reception and a special White House tour.
'Let the President know how many $TRUMP coins YOU own!' meme coin's website states.
The contest runs through May 12. However, the fine print makes clear that Trump's attendance is not guaranteed. The terms say the event can be cancelled 'for any reason', in which case winners will receive a Trump NFT instead.
Trading volume, not token price, drives profit
The $TRUMP coin is at the heart of a complex, lucrative system. Although meme coins are often dismissed as jokes, Trump's version is proving to be a serious moneymaker. Since its January launch, it has generated more than $324 million in trading fees, according to blockchain analytics firm Chainalysis.
The token surged over 50 per cent following the gala announcement, boosting the paper value of wallets controlled by insiders and early backers. Roughly 80 per cent of the token's supply is controlled by the Trump Organisation and affiliated entities, according to the project's website.
'You don't really care about what happens to the price. You only care that there is continuous volume,' said Nicolai Sondergaard, a research analyst at Nansen, as quoted by Associated Press. 'Because the more volume there is, that means more trades and therefore more fees for you.'
Ethics and oversight concerns
Accountable.US, a watchdog group, slammed the contest as 'the most nakedly corrupt self-enrichment scheme in US presidential history'. They warned the setup could allow wealthy or even foreign actors to buy access to Trump while enriching his family through crypto activity.
Due to the pseudonymous nature of crypto wallets, verifying who holds the top tokens is difficult unless they self-identify. As one example, crypto entrepreneur Justin Sun revealed he holds $75 million in another Trump-linked token, even as he negotiates a civil fraud resolution with the US SEC.
Despite controversy, Trump's coin-backed political fundraising appears to be creating a new hybrid model of influence — where access to power is just a blockchain transaction away.
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