The TRUMP memecoin project has recently finalized the list of its top holders ahead of background checks required to apply for a special dinner and "VIP tour" with former US President Donald Trump scheduled for May 22. In a post dated May 12, the project announced that it would no longer consider additional purchases for the dinner event and notified the top token holders to undergo background checks if they wished to attend.
As of May 12, the top 220 wallets held over 13.7 million tokens, valued at approximately $174 million. The project's leaderboard revealed the top 10 TRUMP memecoin holders, indicating the significant stake these individuals hold in the digital asset.
While it remains uncertain which of the wallet holders will choose to apply for and participate in the dinner with Trump, or the exclusive reception for the top 25 holders at the White House, concerns have been raised. A Bloomberg report from May 7 highlighted that a majority of token holders are based outside the United States, prompting security and conflict of interest worries.
Criticism has surrounded Trump's involvement in launching the memecoin shortly before leaving office on January 20. Following the announcement of the dinner event on April 23, calls for congressional oversight and allegations of corruption have escalated. Some lawmakers have even called for Trump's impeachment, and certain representatives have halted consideration of crypto-related legislation until their concerns are addressed.
Notably, companies seeking to influence Trump's policies have invested in the memecoin. Freight Technologies, for instance, pledged $20 million to the token, hinting it could impact trade relations between the US and Mexico, a country where the company operates. However, it is unclear if the firm will be represented at the upcoming dinner.
This isn't the first time Trump has engaged with crypto users for fundraising purposes. During his 2024 campaign, he hosted a dinner for supporters who purchased his "mugshot" non-fungible tokens, depicting his arrest following allegations related to the 2020 election. While speculation abounds about potential attendees for the memecoin dinner, with usernames like "Sun" and "elon" sparking theories about figures like Tron founder Justin Sun and Tesla CEO Elon Musk being present, no confirmations have been made public yet.
Overall, Trump's foray into the crypto world has raised questions about conflicts of interest and possible insider trading, prompting scrutiny and debate within both the political and crypto spheres.
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