In the crypto world, meme coins are mostly just jokes with no intrinsic value. But the Trump family is parlaying the president’s meme coin into two valuable commodities: serious cash and access to the president.
Since the coin was launched earlier this year, it has generated more than $320 million in fees for its creators, according to the blockchain analysis firm Chainalysis. And on Monday, Trump promoted a dinner he’s set to attend on May 22 that’s open to almost anyone who buys enough of the coins.
According to the contest’s rules, the top 220 holders of the meme coin will get to go to the dinner at Trump’s Washington-area golf club. The top 25 holders will also get to attend a reception where they can rub shoulders with Trump beforehand.
“Let the President know how many $TRUMP coins YOU own!” the meme coin said on its website promoting the dinner.
Trading activity in the meme coin jumped after the dinner was first announced and the price rose as well. But the Trumps don’t need to sell any coins to make money.