Trump Coin ($TRUMP), a meme token riding the wave of political spectacle, is facing growing scrutiny and a steep price slide following its much-hyped “Crypto Dinner” event. Once billed as a golden ticket for top holders to rub elbows with the former president, the exclusive dinner has now become a lightning rod for controversy — and possibly the beginning of the end for Trump Coin’s short-lived momentum.
From Hype to Headache: $TRUMP Drops 20% After VIP Dinner
After surging more than 40% in anticipation of the May 23 dinner, Trump Coin’s price took a sharp turn for the worse — plummeting by 20% amid heavy whale sell-offs. Blockchain data paints a telling picture: major wallets that had qualified for the event began offloading their holdings almost immediately afterward, suggesting that the dinner may have signaled a local peak rather than a sustainable breakout.
SOL scan reports show that only eight of the 25 wallets that gained VIP access retained their $TRUMP holdings post-dinner. The total value of these holdings dropped from an average of $4.78 million to just $2.11 million the following day.
It’s a textbook “buy the rumor, sell the news” moment. And for retail investors who bought into the hype, the aftermath has been sobering.
Social Buzz Rises, But So Do Questions
Interestingly, despite the sell-off, Trump Coin hasn’t entirely lost its momentum on social platforms. According to LunarCrush, social mentions spiked by over 18,000 on Monday, with social dominance rising 3.94%. The coin also saw a slight recovery in price, gaining 2.35% to reach $12.76.
Still, the question remains: Can this buzz translate into long-term strength? Or is it just a reflexive blip amid a broader downtrend?
Dinner Backlash: $1M Plates and Airline Meals?
While the Crypto Dinner was positioned as a rare opportunity for top investors to connect with the former president in person, the actual event sparked more ridicule than praise. Attendees took to X (formerly Twitter) to criticize what they described as lackluster, “assembly-line” food — despite paying the equivalent of $1 million worth of $TRUMP per plate.
Nicholas Pinto, a business influencer and Trump Coin investor, didn’t hold back. “The worst food I’ve ever had at a Trump golf course,” he posted, noting that he had committed $300,000 to the project.
This kind of PR disaster didn’t go unnoticed, and the backlash was swift and widespread.
Legal Storm Brewing Over Trump’s Meme Coin Push
Beyond the disappointed dinner guests, the event has raised serious legal questions. Lawmakers and watchdog groups argue that President Trump may have violated ethical and constitutional rules by effectively “shilling” his own cryptocurrency from the White House.
Senator Richard Blumenthal led the charge, accusing Trump of auctioning off access to himself — and potentially to presidential influence — in exchange for meme coin purchases. He described the stunt as a blatant “Trump-style tactic” to bypass transparency and profit from political fandom.
An open letter signed by 35 congressional members has been sent to the Department of Justice, calling for an investigation. The letter highlights concerns that such behavior might violate the Constitution’s Emoluments Clause, which bars the president from receiving payments or gifts from foreign sources without congressional approval.
To complicate matters, the criticism also pointed to Trump’s recent crypto-friendly appointments at the SEC, raising eyebrows about potential conflicts of interest.
Is This the Beginning of the End?
While the idea of a meme coin tied to a political figure like Donald Trump might sound like a market-maker on paper, the reality is proving much harsher. Events like the Crypto Dinner may offer short-term pumps, but they’re not a foundation for long-term value.
At its core, Trump Coin still lacks meaningful utility. Without a real use case beyond viral marketing and political fandom, it remains extremely vulnerable to price manipulation and hype cycles.
In the world of meme coins, visibility can drive gains — but sustainability demands more than just photo ops and publicity stunts. As whales flee and legal clouds gather, Trump Coin may soon find itself not just out of favor, but out of relevance entirely.
