Trump’s meme coin offer sparks $100 million buying frenzy and ethics firestorm

The MAGA media takeover

Buyers have poured tens of millions of dollars into US President Donald Trump’s meme coin, $TRUMP, after a promotional offer promised top holders a seat at an “intimate private dinner” with the president next month. A Washington Post analysis shows that since the announcement on Wednesday, 27 anonymous crypto wallets acquired more than 100,000 $TRUMP coins each — stakes worth roughly $1 million — with the biggest purchase totalling 2 million coins, valued at around $24 million.

The surge has fuelled both a price rally and a wave of scrutiny. The $TRUMP coin’s value jumped by over 30% to $12, dramatically inflating the holdings of a digital firm affiliated with the Trump Organization, whose coin wallets gained an estimated $100 million in value within 24 hours of the announcement. Critics, however, warn that the offer creates a pay-to-play system for presidential access, blurring the lines between private enrichment and public influence.

Dinner with the president — for a price

The Trump coin team, led by a Delaware-registered company called Fight Fight Fight and a Trump Organization affiliate, announced that the 220 largest holders of the $TRUMP coin would be invited to a gala dinner on May 22 at Trump National Golf Club outside Washington. The coin’s website describes the dinner as “one of the most exclusive events in the world,” though attendees must pay for their own meals, parking, and tips. The top 25 coin holders will also receive a White House tour and access to a private VIP reception with Trump.

However, terms and conditions note that Trump “may not be able to attend” the event, and if so, attendees will instead receive a limited-edition Trump NFT — a digital collectible with no guaranteed value.

Surge in buying, questions over anonymity and nationality

Using data from Flipside Crypto and Arkham Intelligence, The Post found that the 27 wallets acquired over 8 million $TRUMP coins — a $100 million stake at Thursday’s prices. Some wallets may have simply transferred existing holdings to meet eligibility criteria. Several wallets were linked to Binance and HTX, foreign crypto exchanges not registered for U.S. users, raising questions about whether non-Americans may be seeking influence through the promotion.

The wallet ranked #1 on the leaderboard, dubbed “Sun,” holds more than 1.1 million coins, worth over $13 million. It is registered with HTX, a Chinese-founded exchange whose advisory board includes crypto billionaire Justin Sun. Sun, who invested $30 million in Trump’s crypto venture World Liberty Financial last year, has faced fraud charges from the SEC — though federal authorities recently paused their investigation into certain crypto crimes.

Ethical and political backlash

Critics argue that the promotion dangerously blurs ethical lines. Virginia Canter, a former Obama White House counsel, called it “a spectre of pay-to-play” and raised concerns over foreign governments or criminal actors using coin purchases to seek pardons or political influence. “He’s actually selling access, personal access, to him and to the White House if people invest in this meme coin,” she said.

Senator Chris Murphy (D-Conn.) was more direct, calling the project “the most brazenly corrupt thing a President has ever done. Not close.”

The White House and the Trump Organization did not respond to requests for comment.

Profits and power

Since its launch ahead of Trump’s second inauguration in January, the meme coin and its associated ventures have brought in approximately $312 million in token sales and $41 million in fees for Trump and his partners, according to The Post’s analysis. The Trump-aligned team also earns fees every time the coin is bought or traded, including via a “buy now” option on its website that accepts debit cards.

The meme coin’s price, however, remains 90% below its peak of $74 from January. But that hasn’t stopped Trump’s allies from continuing to promote the dinner offer. On Thursday, the project posted on X that the event would not be recorded and promised a chance to be “shoulder-to-shoulder with Greatness.”

For Trump, who has touted his vision of making America “the crypto capital of the planet,” the meme coin may represent both a political tool and a personal financial windfall. But for ethics experts and political observers, it raises troubling questions about the merging of presidential influence, unregulated crypto markets, and personal profit.