Mother Jones illustration; Julia Demaree Nikhinson/AP
Gas prices are sky high, a war in Iran continues, airlines face jet fuel shortages, and the GOP approaches midterm elections. Yet, Donald Trump is making time for a special group: the top 297 holders of his $TRUMP meme coin, who are invited to an exclusive "conference" at Mar-a-Lago on April 25.
Exclusive Access for Crypto Investors
This event includes a gala lunch with Trump, with the top 29 holders receiving an even more exclusive VIP reception with the president and other "superstar guests." This isn't the first time Trump has used his meme coin to grant access; last May, he hosted the top 220 $TRUMP holders at his Virginia golf course, with the top 25 investors getting a White House tour. At that time, the combined value of their holdings was about $148 million.
How the $TRUMP Coin Works
When the coin launched in January 2025, 1 billion tokens were created, with 800 million reserved for Trump and his partners and 200 million available to the public. Trump profits not only from selling coins or price increases but also from transaction fees on every transfer, regardless of who buys or sells.
Plummeting Value and Investor Losses
Despite initial hype, the coin's value has plummeted from around $45 to under $3. It has no inherent value or utility—it can't be used to purchase goods or exchanged for other currencies. An analysis cited by Democratic senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal found that $TRUMP and the accompanying $MELANIA coin have erased an estimated $4.3 billion in retail wealth, leaving roughly 2 million holders "underwater."
Early Insiders Profit While Others Lose
While regular investors suffered losses, 45 early crypto wallets profited by about $1.2 billion, selling at peak prices. The top holder, controversial crypto personality Justin Sun—who recently settled fraud charges with Trump's Justice Department—remains the largest $TRUMP holder despite a falling out with Trump's other crypto venture, World Liberty Financial.
Event Details and Fine Print
The Mar-a-Lago event promises meetings with 18 "superstars," including former boxer Mike Tyson and crypto executives, plus swag like Trump fragrance, posters, trading cards, and a $499 red Trump watch. However, fine print notes no guarantee Trump will attend, and if canceled, attendees get a free Trump NFT. Attendees must pass a background check, be 18+, and not be in litigation with the U.S. government—ironic, as Trump himself is currently in such litigation.
Democratic senators have demanded more details from Fight Fight Fight LLC, the company managing the coin, highlighting concerns over the coin's role in granting political access and its financial impact on investors.
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