The value of Donald Trump’s meme cryptocurrency, $TRUMP, jumped over 50% following an announcement that the top 220 token holders would be invited to a private gala dinner with the U.S. president on May 22.
According to the official website, the top 25 holders will also receive access to an “ultra-exclusive VIP reception with the president” and a “special tour.”
After the announcement, the price of $TRUMP surged to approximately $14.70 before settling around $12.30 in early Thursday trading, based on data from CoinMarketCap.
Despite the recent spike, the token remains well below its January peak of $75, which occurred briefly ahead of Trump’s inauguration. The Trumps’ growing involvement in cryptocurrency has drawn criticism, with some experts citing potential ethical concerns and labeling the ventures “shameful.”
The latest price rally coincided with speculation surrounding an upcoming “unlock” process, a typical event where early investors are permitted to sell their holdings, often triggering a price drop. However, the coin’s official X account confirmed that the unlock would be postponed by 90 days.
Meme coins like $TRUMP are known for being driven by online hype rather than utility and often experience steep declines once initial enthusiasm fades. Last year, a meme coin launched by influencer Haliey Welch briefly reached a $490 million valuation before plummeting to under $3 million.
Though Trump was previously skeptical of cryptocurrencies, he has recently embraced the industry, referring to himself as the “crypto president” and vowing to support its growth. In March, he appointed venture capitalist David Sacks as an advisor on artificial intelligence and crypto and proposed creating a national reserve of digital assets, including bitcoin.
The Trump family’s crypto activity has expanded in recent months. In January, Melania Trump launched her own meme coin, and last year the former president and his sons introduced a digital finance venture, World Liberty Financial.
Trump Media and Technology Group, where Trump holds a majority stake, also announced a partnership with Crypto.com to develop crypto-related investment products.
