Original | Odaily (@OdailyChina)
Author | Dingdang (@XiaMiPP)
At 7 AM Beijing time on May 23 (May 22 evening US Eastern Time), a special dinner where crypto and politics intersected was held at the Trump National Golf Club in the suburbs of Washington, D.C.
This was not an ordinary social dinner, but a night of honor for the top 220 TRUMP token holders - who won the opportunity to have dinner with US President Trump based on their holdings ranking between April 23 and May 12.
Review of the First TRUMP MEME Token Competition
On April 19, crypto community member@thetrenchdiver posted that Trump planned to host a dinner for large TRUMP token investors. As the news spread, the TRUMP token price rose from near its low of $7.7 to $8.7, an increase of nearly 13% . However, many were still skeptical about the authenticity of the news.
Until April 23, the official confirmation came: Trump would host a "TRUMP DINNER" on May 22 for the top 220 TRUMP token holders at the Trump National Golf Club in Washington, D.C., with registration open. At this point, the token price had risen to around $9.2. The official confirmation instantly pushed the price to around $16.2, a 76% increase. However, subsequent details suggesting Trump might be absent caused the price to fall back to around $13.3.
Nevertheless, the dinner's appeal continued to ferment. On April 26, the TRUMP token price steadily rose to around $16.4.
On May 12, the first TRUMP MEME token competition officially concluded, with the ranking locked. The ranking was based on the hourly average token holdings between April 23 and May 12, with the top 220 holders gaining dinner entry, and the top 25 additionally receiving a VIP reception and special White House visit with Trump. Moreover, all ranking participants were awarded a TRUMP Non-Fungible Token as a memento. For detailed information, refer to Odaily's previous article "Guide to the 'TRUMP Dinner' Meeting'.
Dinner Procedure and Requirements
According to information previously provided by BitMart founder Sheldon Xia, this TRUMP dinner prohibits bringing any gifts or large photography equipment, with camera devices not exceeding mobile phone-level cameras. Dress code follows the "Black Tie" standard, requiring suits, ties, and leather shoes, with extremely formal overall attire.
All participants must provide basic personal information such as name, nationality, contact details, and undergo strict background checks. Non-US users may face special review, with results typically confirmed close to the event. No cases of elimination due to background checks have been reported so far.
The event will have strict security checks, with VIP participants arriving an hour early for a special reception and interaction with Trump. A two-hour formal dinner will follow. A White House visit is scheduled for the next day, but Trump's accompaniment remains unconfirmed. Informal group activities are also planned after the dinner.
$148 Million Entry Ticket: From Justin Sun's Over $20 Million Holdings to the $1,200 "Loophole Player"
Entering this elite club is far from simply wearing a formal outfit.
According to the TRUMP MEME token official website, the dinner's "ticket" price is staggering. The top 25 holders have a total holding of 8.98 million tokens. Among them, TRON founder Justin Sun leads with over $20 million in holdings, with the second VIP seat claimed by MemeCore, and market maker Wintermute ranking third through early positioning.
Statistics show that TRUMP MEME token buyers invested approximately $148 million competing for 220 seats, averaging $670,000 per person. However, those sitting at Trump's table represent two extremes:
Top Players: TRON founder Justin Sun leads with over $20 million in holdings, while market maker Wintermute, despite only holding 400,000 tokens through early positioning, made it to the top three.
Loophole Hunter: Morten Christensen, ranked 188th, along with a friend, secured a seat by paying only $1,200 in transaction fees through a "buy+short hedge" arbitrage operation, with his holdings quickly zeroing out after ranking confirmation.
This absurd contrast is not an isolated case. Data shows that 22 out of the top 25 purchased tokens after the event's announcement. After ranking confirmation, 17 wallet addresses among the top 220 dinner participants had zero holdings, including the 25th-ranked "noah".
Chainalysis data revealed a more brutal reality: 58 wallets profited over $10 million, with total gains exceeding $1 billion, while 764,000 wallets experienced losses. In this game, not everyone was a winner.
Dinner Attendance Record: The Subtle Dance of Crypto and Politics
When Trump appeared at the dinner venue as scheduled, the event's symbolic significance had already transcended a simple business gathering, becoming a historic moment of formal "handshake" between crypto capital and traditional political power.
Justin Sun's Speech: Thanking the President for Supporting the Crypto Industry
As the largest token holder, HTX Global Advisor and TRON founderJustin Sunwas invited to give a speech. He said, "I sincerely thank the Trump administration for everything they've done for our industry. Just recently, crypto professionals were constantly oppressed, and we couldn't have hosted such a grand event in Washington, bringing all practitioners together in the US to build the crypto industry. This is the best thing I could imagine. If I can come to the US, then everyone can come." Screenshots of his speech video went viral on social media, with Sun personally responding to community discussions.
Sheldon Xia: The "Golden Five Minutes" Bought for Millions
BitMart founder Sheldon Xia revealed that he invested around $10 million to secure a spot in the top 25, gaining a brief opportunity to interact with Trump. This investment was made after the dinner confirmation, aimed at ensuring his seat. However, he currently still holds these assets rather than selling immediately after "locking the seat". Sheldon Xia plans to ask Trump about macro regulatory directions in the crypto field, including policies for the US and global markets.
Kronos Research CIO In-Depth Observation: Transformation from Financial Instrument to Identity Symbol
Kronos Research CIO Vincent, who was also invited to Trump's VIP dinner, stated that holding TRUMP is based on early market signals and narrative momentum, not political stance. From the perspective of a long-term market structure observer, this marks the gradual evolution of crypto assets from financial instruments to a means of expressing social and political identity. It is not just "participating in history," but witnessing how a new narrative logic enters the center of power. For the entire industry, this is a signal of profound symbolic significance.
From Club to Capitol Hill: The Political Storm of a Crypto Dinner
Under the brilliant crystal chandeliers of Trump's national golf club, while Trump toasted and took photos with token holders, protesters outside the club were holding "Crypto Corruption" signs - this dinner, costing tens of millions of dollars, had long crossed the boundary of "industry exchange" in the eyes of Democrats.
According to @CryptoDoggyCN, due to outdoor protests and opposition from Democratic lawmakers, the organizers banned live streaming and recording, with violators being asked to leave. Trump left the venue an hour later, and the planned White House visit might be canceled due to security or schedule adjustments, with specific reasons undisclosed.
Just hours before the dinner, a sniper battle targeting "cryptocurrency corruption" had already begun on Capitol Hill. U.S. Democratic leader Representative Maxine Waters proposed a new bill aimed at addressing concerns about the president's involvement in digital assets. It was reported that Maxine Waters and 14 other co-sponsors submitted the "Stop Cryptocurrency Trading, Holding, and Unfair Market Returns Act of 2025" on Thursday afternoon. The bill explicitly stipulates: prohibiting the president and his relatives from holding digital assets that may affect the market.
The seeds of controversy were long sown. It was revealed that Trump plans to host two crypto-themed events in May: besides this token holder dinner, there's also a "Crypto and AI Innovators Dinner" organized by the MAGA Inc. super PAC, with each seat priced at up to $1.5 million. This has raised questions from multiple politicians, including Senator Elizabeth Warren, who believe this may involve "exchanging presidential privileges for commercial investment".
In responding to doubts, Trump emphasized that he "did not profit" and views the crypto industry as a strategic area of competition between China and the U.S. When faced with the TRUMP token price surging 50% after the dinner news, Trump claimed to have "no concept" of its valuation.
Consumer advocacy organization's Craig Holman directly stated: "Trump once boasted of being 'too rich to be bought,' but now he has created a new mode of political donation - using tokens instead of checks. We have never had a president so loving money as this one."
This accusation directly points to the core issue: When crypto capital and political power dance so intimately, are the boundaries of democracy being redefined? For the protesters outside the club, the answer has already been given.
