Just days after the highly publicized—and highly criticized—Crypto Dinner hosted by former President Donald Trump, the price of Trump Coin ($TRUMP) has tumbled, leaving investors wondering whether the meme token is headed toward irrelevance.
Whales Dump Tokens After VIP Dinner
The exclusive dinner, which took place at Trump’s private golf club, was meant to be a celebration for the largest $TRUMP holders—those who held enough tokens to qualify for an invite. However, rather than ignite long-term confidence, the event may have signaled a local top for the meme coin.
Despite surging 43% in anticipation of the dinner, climbing from $9.10 to $16.43 after its announcement on May 23, the token reversed course sharply once the event concluded. A classic “buy the rumor, sell the news” move ensued, with major whales offloading large positions within hours of the gathering.
Blockchain data from SOL scan paints a clear picture: of the 25 wallets that earned VIP access to the event, only eight still held onto their Trump Coin stash the next day. The average value of holdings in those top wallets fell precipitously, from $4.78 million to just $2.11 million.
This rapid divestment led to a 20% drop in the token’s value, raising suspicions among the wider investor community that some attendees may have cashed out at the top—possibly with inside information about what the event would (or wouldn’t) deliver.
Community Buzz Surges Despite Sell-Off
Interestingly, the price dip hasn’t silenced all enthusiasm. As of Monday, Trump Coin had clawed back a modest 2.35% gain, reaching $12.76. Accompanying this slight recovery was a sharp rise in online chatter. According to LunarCrush, the token saw over 18,100 social mentions in just one day, pushing its social dominance up by 3.94%.
While some interpret this uptick in buzz as a sign of renewed interest, others caution that social metrics alone aren’t enough to turn around the coin’s price trajectory—especially given the negative press surrounding the event.
The $1 Million Dinner Plate Controversy
The backlash wasn’t limited to trading activity. The dinner itself, which reportedly cost attendees the equivalent of $1 million in Trump Coin per plate, became a lightning rod for criticism. Photos of what was served—described by some as “assembly-line food” worse than airline meals—sparked ridicule across social media.
Nicholas Pinto, a business influencer who revealed he had invested $300,000 in Trump Coin, didn’t hold back: “The worst food I’ve ever had at a Trump golf course.”
Legal Scrutiny Mounts
Beyond complaints about overpriced catering, the event has drawn serious legal scrutiny. Lawmakers and oversight organizations argue the dinner crossed ethical lines, with accusations that Trump used it to essentially “auction off” access to himself via token ownership.
Democratic Senator Richard Blumenthal was especially critical, suggesting that the president’s meme coin promotions could violate constitutional rules on foreign payments. A new Senate bill aims to prohibit sitting presidents from using the office for personal crypto ventures—directly targeting events like the Trump Crypto Dinner.
Blumenthal’s statement didn’t mince words: “The more you buy my meme coin, the greater your chance of coming to dinner with me.” He likened the entire strategy to a form of political pay-to-play using digital tokens.
The controversy doesn’t end there. A group of 35 congressional members has penned an open letter to the Department of Justice, urging an investigation into whether the dinner breached constitutional safeguards or U.S. securities laws. Their concerns also highlight potential conflicts of interest, particularly given Trump’s past moves to appoint crypto-friendly regulators to oversee the SEC.
Final Thoughts: Hype Isn’t a Substitute for Substance
Trump Coin’s post-dinner performance reinforces a lesson the crypto world has seen many times: hype-driven events may offer short-term gains, but without real utility or long-term vision, the crash is often swift and painful.
While flashy gatherings and high-profile endorsements can trigger FOMO and speculation, they don’t guarantee sustainability—especially when early investors exit en masse. If $TRUMP doesn’t find a way to pivot from spectacle to substance, it may struggle to maintain relevance in the ever-shifting meme coin landscape.
