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Trump coin surges 50% after president promises dinner with top holders

Word Count: 378 | Estimated Reading Time: 2 minutes

A cartoon image of US President-elect Donald Trump with cryptocurrency tokens, depicted in front of the White House to mark his inauguration, displayed at a Coinhero store in Hong Kong, China, on Monday, Jan. 20, 2025.

Paul Yeung | Bloomberg | Getty Images

The $TRUMP meme coin jumped more than 50% on Wednesday after the top 220 holders of the token were promised dinner with the president.

“Have Dinner in Washington, D.C. With President Trump,” reads a message on the front page of the Trump coin’s website. The dinner — black tie optional — is scheduled for May 22, with a reception for the top 25 wallets. A “VIP White House Tour” will take place the following day, the site says.

The price spike gives the $TRUMP coins in circulation a total value of $2.7 billion. It had by far the biggest move of any cryptocurrency, outpacing Sui, which is up 23%, according to CoinMarketCap.

Read more about tech and crypto from CNBC Pro

The Trump coin debuted in January, just ahead of the inauguration, offering an early indication of the president’s willingness to embrace crypto and the wealth creation it offers him and his family. The project’s market cap soared to $15 billion almost instantly, fueled by President Donald Trump’s posts on Truth Social and X declaring, “It’s time to celebrate everything we stand for: WINNING!” Within days it had lost most of its value.

First Lady Melania Trump launched her own coin — $MELANIA — as well. It briefly topped $2 billion in market value before crashing alongside $TRUMP.

Shortly after the launch of the $TRUMP and $MELANIA coins, the SEC issued guidance stating that meme tokens don’t qualify as securities, effectively shielding the projects from immediate regulatory scrutiny.

So far, just 20% of $TRUMP’s supply has been available to trade. The remaining 80% — held by insiders — remains locked under a three-year vesting schedule. The first tranche is scheduled to unlock soon, freeing up millions of dollars worth of tokens for sale and potentially allowing President Trump and project insiders to cash in on Wednesday’s pop.

As with most meme coins, there is no underlying product or service. The project’s website claims that 80% of the token supply is held by the Trump Organization and affiliated entities.

WATCH: Digital Assets Council Director Bo Hines on the priorities for Trump’s crypto working group