Trump's meme coin soars after private dinner with the president is offered as bizarre reward
Cryptocurrency and canapés
Featured Image Credit: Bloomberg / Contributor / Getty
It's hard to keep track of all of Donald Trump's wheelings and dealings, but as the President's meme coin continues to climb once again, it comes with a bizarre caveat. The POTUS made the shrewd move to launch his meme coin just days before he stepped back into the White House for his second turn, but as questions about the controversial cryptocurrency mount, there are concerns about how long this winning streak will carry on.
The aftermath of $Trump's launch saw him quickly become one of the world's richest people, and 500 investors become millionaires overnight, but as they say, what goes up must come down.
Billions of dollars were quickly lost as $Trump continued to fluctuate, while the Commander-in-Chief inadvertently wreaked havoc on his meme coin with his trade war tariffs.
Advert
Don't feel too bad for Donald Trump, as his official $Trump site announced a clever move to try and boost its popularity. Promising the "most exclusive invitation in the world", $Trump's top 220 holders can be wined and dined by the POTUS on May 22. It worked, with the meme coin surging by 60% immediately following the announcement. Although CoinMarketCap confirms a jump to $14.51 on April 23 is impressive, it's still a far cry from $Trump's $70 peak in January.
The site writes: "President Donald J. Trump is known as the ‘Crypto President.' At this intimate private dinner, hear first-hand President Trump talk about the future of crypto."
If that wasn't enough, the top 25 investors will get "an ultra-exclusive VIP reception with the president" and a special tour.
$Trump is holding for now, and although it's currently sitting at $12.95, it's up from a recent low of $7.26.
There's more controversy surrounding meme coins than ever, particularly due to Haliey "Hawk Tuah Girl" Welch's own meme coin disaster. Melania Trump's meme coin saw a similar dip to her husband's, and after it originally chipped away at $Trump, $Melania was branded as 'disgusting' when people realized how much value it had lost.
It's clear Trump still has his fingers in the crypto pie, with Trump Media and Technology Group announcing plans to work with Crypto.com to provide crypto investment products. That's not all, with the Department of Justice also confirming it was disbanding the unit that was previously looking into cryptocurrency-related fraud. Deputy Attorney General said the department will stop looking at enforcement actions that could have the "effect of superimposing regulatory frameworks on digital assets while President Trump’s actual regulators do this work outside the punitive criminal justice framework."
Trump has vowed to make the USA the 'crypto capital of the planet' with everything from NFTs to meme coins. While his critics call this out as a potential conflict of interest, Donald Trump continues to steer us into this digital age.