In a spectacle that perfectly captured the marriage of politics and crypto hype, former President Donald Trump’s Virginia golf club played host to an exclusive gathering of $TRUMP memecoin investors on May 22, 2025.
The guest list read like a who’s who of crypto whales and tech moguls, with crypto billionaire Justin Sun leading the pack after his eye-popping $20 million investment. Former NBA star Lamar Odom was among the notable attendees mingling with the crypto elite.
Trump, arriving via Marine One with all the presidential pomp he could muster, spent a mere 23 minutes at his own event. Just enough time to stand at a podium sporting the presidential seal and greet the 220 attendees who collectively poured $148 million into his memecoin venture.
The elite gathering wasn’t without its perks. The top 25 holders got VIP treatment, and the four biggest investors received Trump watches. There was even a promised ‘diamond hand’ NFT for those who held onto their tokens – though that didn’t exactly work out as planned.
The aftermath was messy. Most of the top holders dumped their tokens faster than a hot potato. Only 8 of the 25 VIP wallets still held TRUMP tokens after the event, with Justin Sun practically alone in maintaining his position. The Solscan data showed massive token movements to centralized exchanges.
The token price tanked 14% within 24 hours of the dinner and sat 80% below its January peak.
Democrats and ethics experts weren’t amused. They called for probes and criticized the obvious blend of public duties and private business. Even crypto lobbyists – usually keen for high-profile attention – cringed at the optics, with one calling it “a horrible look for him, the industry, and the country.”
The White House tried to play it cool, labeling it a ‘private’ event where Trump attended in his personal capacity.
But the reality was clear: this was pay-to-play cryptocurrency style, complete with background checks and a presidential seal. Meanwhile, the Trump family business kept control of the majority of the cryptocurrency’s holdings and trading fees, because of course they did.
