Top 220 TRUMP Coin Holders Hold $174M Ahead of May 22 Dinner with Trump

Highlights:

• TRUMP coin team informed the top 220 holders about the May 22 dinner with Trump.
• The top 220 wallets hold a total of 13.7 million $TRUMP tokens, worth $174 million.
• Legal concerns raised over foreign influence and potential emoluments clause violations.

The TRUMP memecoin team announced on May 12 that they informed the top 220 holders about the exclusive dinner with President Trump on May 22 at Trump National Golf Club in Virginia. As of May 12, the project’s leaderboard revealed that the top 220 wallets collectively owned more than 13.7 million tokens. At that time, the total value of these tokens was approximately $174 million. 

On Monday, the the project announced that it stopped accepting new purchases for the dinner with the president. Top token holders were instructed to submit applications for background checks if they wished to attend. It’s still uncertain whether any of them will apply to join the dinner with Trump.

The First $TRUMP Competition is officially over! Details and what's next for $TRUMP Below:

If you were in the top 220 on the leaderboard, check the email you signed up with for details on the Dinner with President Trump as soon as possible. There will be background checks that…

— TrumpMeme (@GetTrumpMemes) May 12, 2025

Speculation has arisen due to wallets with the usernames “Sun” and “elon.” This suggests that Tron founder Justin Sun and Tesla CEO Elon Musk, both Trump supporters with financial ties to his presidency, might be involved.

All 220 holders will attend the event at Trump National Golf Club in Virginia, but only the top 25 will get a private “VIP reception” and a special White House tour. 

TRUMP website announced:

“Congratulations, if you’re in the top 220 on the leaderboard we will be contacting you in the next 24 hours. Check your inbox (and spam folder) and expect a phone call for the Trump Official Dinner invitation and details. President Trump will see YOU on May 22 at the Gala Dinner in Washington D.C.”

TRUMP Coin Frenzy

The contest winners were ranked based on their “time-weighted” $TRUMP holdings, from the contest announcement on April 23 to the cutoff on May 12. Chainalysis said 58 wallets made over $10 million from the memecoin. Total gains crossed $1 billion. But around 764,000 wallets lost money, according to CNBC.

The value of the TRUMP coin surged after the dinner contest was announced, reaching nearly $75 before dropping to around $14. While volatility is common with memecoins, this drop was particularly sharp.

Trump’s Memecoin Dinner Sparks Legal and Ethical Concerns Over Foreign Influence

A Bloomberg report from May 7 stated that the majority of token holders are based outside the United States. This raised concerns about foreign money gaining special access to the US president. Trump’s crypto business has faced criticism from Democrats, ethics groups, and the SEC over possible conflicts of interest and corruption.

Senator Richard Blumenthal of Connecticut contacted Fight Fight Fight LLC, the company responsible for the coin, requesting clarification. He raised concerns about conflicts of interest and potential federal law violations. Blumenthal emphasized that the event wasn’t just another crypto promotion, but something that raised serious ethical issues.

He stated:

“$TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the President, while hiding potential payoffs in the pseudonymity of the blockchain.”

Senator Cynthia Lummis of Wyoming also expressed concern over people paying for access to the president and the White House. She worries the memecoin dinner, especially with foreign buyers involved, could break the emoluments clause. Lummis believes Congress should set rules for digital assets like memecoins and is open to working on guidelines for elected officials, including the president.