Former U.S. President Donald Trump is facing criticism for allegedly using his public status for private gain, after announcing plans to host a dinner next month at one of his golf clubs for 220 investors in a meme cryptocurrency he launched himself. The announcement sparked a surge in investment, causing the coin's price to jump by over 60%.
According to the New York Times on April 23 (local time), the team behind the "Trump Meme Coin" stated on its website that top buyers of the coin would be invited to meet Trump in person. Between April 23 and May 12, invitations will be sent out to the top 220 investors for an exclusive dinner.
Among them, the top 25 investors will also be given access to a special welcome event and a VIP tour of the White House prior to the dinner.
The Trump Meme Coin team also promoted buying by saying, “The more you hold, and the longer you hold, the higher your rank will be.”
As the news spread across social media, investors rushed in to get a chance to attend the event, resulting in a spike in the coin’s price—over a 60% increase.
Trump had launched the coin, dubbed "Official Trump," in January this year through his social media channels, ahead of his presumed return to the presidency.
Meme coins are speculative cryptocurrencies created mostly for humor or popularity, often influenced by internet trends or personalities. Their value typically fluctuates based on buzz rather than any inherent worth.
The New York Times interpreted the dinner invitation as a form of offering White House access in exchange for crypto investments. The paper noted that Trump's personal crypto launch represents an unprecedented ethical conflict in American political history.
