Trump’s Meme Coin’s Value Soars After President Offers ‘VIP’ Access to White House and Dinner, Sparking Conflict of Interest Concerns

The value of President Trump’s meme coin surged in value on Wednesday, climbing 60 percent after it was announced that the top buyers of the “$TRUMP” non-fungible token would be able gain “VIP” access to the commander in chief.In a post on the official site for the meme coin, it was announced that the top 220 “$TRUMP” holders would be given, “The most EXCLUSIVE INVITATION in the World” to a private gala dinner with the President himself at the Trump National Golf Club at Washington, D.C. In addition, the top 25 holders would get an extra “ultra-exclusive private VIP reception with the President” and “special tour.”The announcement drove a spike in sales of the “$TRUMP” coin climbing to a high of $16 per share and hitting a market cap of more than $2.4 billion.The new offering is just the latest in cryptocurrency sales offered by Mr. Trump and his family.The “$TRUMP” coin was first offered around the President’s second inauguration in January that essentially minted him billions in a day.Mr. Trump has declared himself as the first “crypto president” as he has gone all in on the new form of digital currency, with moves to scale back enforcement and regulations placed on the industry.The sale of the coins has raised concern, with critics saying it enables an opportunity to curry favor with the president.“There has never been a clearer case of a president using their office to put money in their pocket, or greater potential for special interests to buy an administration’s favor that could threaten the public interest,” the executive director of watchdog group Accountable.US, Tony Carrk, said to Reuters, adding that the planned dinner was, “a race to the bottom for presidential grifting.”The timing of the new contest comes after speculation that the value of the coin was to collapse upon the announcement of 40 million new tokens unlocked for purchase, but the release has been postponed for 90 days.

Trump’s Meme Coin’s Value Soars After President Offers ‘VIP’ Access to White House and Dinner, Sparking Conflict of Interest Concerns

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