On Wednesday, the issuers of the Trump memecoin ($TRUMP) announced that President Donald Trump will host an "intimate private dinner" on May 22 at the Trump National Golf Club near Washington. The top 220 holders of the $TRUMP memecoin will receive an invitation to this exclusive event, where Trump will discuss the future of cryptocurrency. Additionally, the top 25 holders will be invited to a pre-dinner reception with the president and will be given a tour of the White House. From April 23 to May 12, participants' average $TRUMP balance will determine their spot on the leaderboard for attendance.

The news sent the price of the $TRUMP memecoin soaring. According to CoinDesk, it was trading at $14 late Wednesday afternoon, up 54% over the previous day. Despite this rally, the coin's price remains far below its peak of $75.35, which it reached on January 19, the day before Trump's inauguration. The coin has lost much of its value since then, with its market cap dropping from nearly $15 billion to about $2.8 billion currently, as reported by CoinMarketCap. Along with the dinner announcement, the coin's X account also said that the planned "unlock" process, which could have led to a price drop, would be delayed by 90 days.

The planned event has faced significant backlash. Craig Holman, a lobbyist for Public Citizen, stated, "It's buying influence with the president, there's no ifs ands or buts about it." He added that the memecoin sales go against Trump's past claim of not being "buyable." Democratic Senator Chris Murphy of Connecticut posted on X, "This isn't Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a President has ever done." Tony Carrk from Accountable.US said Trump "is openly inviting investors to have a bidding war over who can buy the most access to him while he laughs all the way to the bank."

Trump and his family have been deeply involved in the crypto space. An affiliate of the Trump Organization and Fight Fight Fight LLC collectively own 80% of the $TRUMP memecoins. Trump has previously hosted dinners for buyers of his NFT collections. His family's crypto initiatives include World Liberty Financial launching a stablecoin, Eric and Donald Trump Jr. investing in a bitcoin-mining company, and his social-media company planning to launch cryptocurrency-linked exchange-traded funds. Trump has also called himself the "crypto president" and has taken steps to promote the industry, such as hiring a crypto "czar" and establishing a national stockpile of cryptocurrencies. However, the terms and conditions of the dinner warn that Trump might not attend and the event could be canceled, with attendees then receiving a "limited edition TRUMP NFT" instead. And all dinner costs will be borne by the attendees themselves.