Investors in President Donald Trump’s $TRUMP meme coin have spent a not-so-small fortune of around $148 million in an exclusive contest.
Days before his inauguration, the US President became one of the top 25 richest people in the world after 80% of his net worth was invested in his meme coin.
Just hours after its launch, the value of the $TRUMP cryptocurrency reached nearly $5.5bn (£4.5bn), according to CoinMarketCap.com.
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Now, Trump is offering his top investors a chance to win the “most EXCLUSIVE INVITATION in the world.”
The meme coin's official website announced that 220 of its biggest holders will be invited to a private gala dinner with the president.
Plus, the top 25 will also enjoy 'an ultra-exclusive private VIP reception' with the president and a 'Special VIP Tour.'
The GetTrumpMemes.com, website posted: "Congratulations, if you're in the top 220 on the leaderboard... President Trump will see YOU on May 22 at the Gala Dinner in Washington D.C."
Winners were determined based on their 'time-weighted' $TRUMP holdings, which were calculated from 23 April to 12 May.
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According to crypto intelligence firm Inca Digital, the top 220 wallets held a combined $147.6 million worth of $TRUMP coin when the contest ended.
The very top spot went to a wallet named 'SUN,' holding nearly $18.5 million in $TRUMP coins. Bloomberg linked the 'SUN' account to Justin Sun, a Hong Kong-based crypto entrepreneur, who has been a notable Trump supporter.
Interestingly, another analysis by Bloomberg showed that 19 of the top 25 wallets were likely owned by people operating outside the United States.
In second place was MeCo, which has been relatively public in its pursuit to win, posting 'MeCo, the #2 on the $TRUMP leaderboard' in its X bio. The wallet is seemingly owned by a Singapore-based crypto firm called MemeCore.
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The value of the coin has certainly fluctuated throughout the year. It rose to $75 after Trump launched it during his Inauguration weekend, only to fall to $7.50 shortly after. Following the contest, which wrapped up on Monday, the meme coin doubled to around $14 per coin.
At the time of writing, CoinMarketCap ranked $TRUMP as #45 with a live market cap of $2.57 billion.
80% of the remaining supply of meme coins is controlled by Trump-related entities, including a company tied to the Trump family and another firm holding the majority of the remaining supply.
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The $TRUMP coin is just one of several crypto projects tied to businesses associated with Trump, who has proudly dubbed himself the 'Crypto President.'
Since launching the coin, the Trump team has raked in over $320 million in fees, with at least $1.35 million coming in after the dinner announcement, Chainalysis reported.