The price of President Donald Trump’s meme coin fell by 16% on Friday morning, just hours after he hosted a black-tie gala at his Virginia golf club for its biggest buyers—an exclusive crowd that collectively spent $148 million on the token for a chance to attend. The event, promoted as “the most exclusive invitation in the world,” attracted around 220 attendees, including crypto influencers, industry executives such as Sandy Carter of Unstoppable Domains, and former NBA player Lamar Odom, who praised Trump as “the greatest president” and promoted his own token, $ODOM.
The top 25 holders of the token were promised a private reception and a guided tour, while other attendees, including 25-year-old Nicholas Pinto, expressed disappointment with the event. Pinto noted the quality of the food was poor and drink service was limited, with only water or Trump’s branded wine available. Trump himself made only a brief 23-minute appearance, delivering a short speech revisiting familiar crypto themes before leaving by helicopter without taking questions or photos with the attendees. Security measures appeared lax, with no requirement to lock phones in RFID pouches, and the atmosphere was reportedly more subdued than expected. Several guests were preoccupied with tracking the token’s fluctuating price during the dinner.
The gala drew attention not only for its lavishness but also for the presence of controversial figures. The token’s largest holder is Chinese-born crypto mogul Justin Sun, who is currently facing Securities and Exchange Commission fraud charges, though those proceedings were recently paused citing “the public interest.” Sun holds over $22 million in the $TRUMP token and $75 million in a related token by World Liberty Financial (WLFI). Sun publicly expressed pride in supporting Trump and the crypto industry.
Outside the Trump National Golf Club in Potomac Falls, Virginia, around 100 protesters gathered, with figures like Senator Jeff Merkley supporting the End Crypto Corruption Act, aimed at regulating crypto activities involving political figures. Signs at the protest accused Trump of corruption and labeled him a traitor. Republican Representative French Hill described the gala as a “distraction” from crucial bipartisan work on stablecoin regulation, specifically the GENIUS Act, which is now at risk due to political infighting.
Senator Josh Hawley recently added a contentious rider to the bill, capping credit card late fees, a move viewed as a “poison pill” that could stall the legislation by alienating banking allies. At the same time, Senate Democrats proposed banning presidents and senior officials from profiting from crypto ventures while in office, directly targeting Trump-linked projects like the USD1 stablecoin launched this spring.
The stalled GENIUS Act could undermine U.S. efforts to compete globally in digital currency, where major banks like JPMorgan, Bank of America, and Citi are in preliminary talks to issue a unified digital dollar. Legal clarity is crucial for this initiative.
The White House has attempted to distance President Trump’s personal business activities from his political role, with press secretary Karoline Leavitt emphasizing that the gala was a private event. However, blockchain data shows that most top wallets involved in the $TRUMP token are linked to foreign exchanges. Nasdaq-listed Freight Technologies disclosed spending $2 million on the token to influence U.S.-Mexico trade policy but did not qualify for the gala.
Since its January launch, $TRUMP has generated over $324 million in trading fees, with about 80% of its supply controlled by the Trump Organization and affiliates. WLFI’s parallel token has raised $550 million through two sales. Despite these controversies, White House crypto czar David Sacks remains optimistic about bipartisan support for stablecoin regulation, highlighting the potential for trillions of dollars in demand for U.S. Treasurys if legal frameworks are established. Meanwhile, the Trump family continues to expand its crypto presence, backing the USD1 stablecoin with significant investment from Abu Dhabi’s MGX fund, which pledged $2 billion to Binance, the world’s largest crypto exchange.
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