The meme coin 'TRUMP Coin', themed around former US President Donald Trump, has drawn market attention after sharply declining following an exclusive gala dinner. The price dropped from a peak of $14.9 to around $12.50, recording a decline of over 15%.
On the 22nd (local time), the gala dinner held at Trump's golf course was a private event for TRUMP Coin holders. However, contrary to expectations, selling pressure from top holders rapidly spread before and after the event.
40% of Wallets Sold... Unable to Maintain Credibility Based on Symbolism Alone
According to blockchain analysis, approximately 40% of the top 220 holding wallets sold TRUMP during and immediately after the event. Nearly half of the wallets no longer held TRUMP Coins on the day of the event, indicating that investment sentiment was dominated by one-time events and political symbolism rather than the coin's practical utility.
TRUMP has been operated solely under the premise of "supporting President Trump's philosophy and ideals" without any stocks, dividends, or revenue model. This crash clearly reveals its limitations.
Shadows of Politics-Coin Combination Amid Criticism of 'Crypto Corruption Club'
The event was attended by global cryptocurrency figures like TRON founder Justin Sun, Oh Sang-rok from Hyperrhythm, and Vincent Liu from Chronos Research, but externally, a protest calling it a "Crypto Corruption Club" was also held. Wariness is growing about methods of highlighting tokens by leveraging political figures' influence.
Particularly, Justin Sun is reported to have invested around $40 million at this event, even suggesting potential future collaboration with the former president.
Light and Shade of Political Meme Coins... "No Utility, No Credibility"
TRUMP Coin's crash demonstrates that meme coins must have practical utility and a trust foundation to survive as sustainable assets beyond mere interest. This case confirmed that event-centered marketing can generate short-term excitement but struggles to maintain long-term investor trust.
As of May 25, 2025, TRUMP Coin continues to attract attention in niche markets, but questions about its sustainability are growing amid high volatility and opaque value basis.
