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President Donald Trump’s announcement of a private dinner for the top 220 holders of his $TRUMP memecoin hasn’t stopped investors from offloading their tokens. According to blockchain analytics firm Nansen, the memecoin experienced over $869 million in outflows compared to approximately $96 million in inflows over the past week.
The dinner, scheduled for May 22 at Trump’s golf club near Washington, D.C., includes additional perks for the top 25 holders, such as a VIP reception and a White House tour. Despite these incentives, many investors seem to be taking profits amid the token’s volatile performance.
The identities of many top $TRUMP token holders remain unknown. However, one wallet labeled “Sun” has led to speculation that it could belong to Tron founder Justin Sun, a known Trump supporter and investor in the Trump family-backed crypto firm World Liberty Financial.
Other wallets with names like “elon” and “doge” have also drawn attention, though it’s unclear if they are associated with Tesla CEO Elon Musk or Dogecoin. The Trump token team controls 80% of the total supply, raising concerns about potential market manipulation.
The dinner invitation has sparked criticism from lawmakers and ethics experts, who argue that it blurs the line between political office and personal gain. Senator Chris Murphy called it the “most brazenly corrupt” action by a sitting president.
Despite the backlash, a formal ethics investigation appears unlikely, given the Republican control of Congress and Trump’s previous dismissal of the Ethics Office director.
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