Original | Odaily Planet Daily (@OdailyChina)
At 7 AM Beijing time on May 23 (the evening of May 22 in Eastern Time), a special dinner at the intersection of crypto and politics was held as scheduled at the Trump National Golf Club in the suburbs of Washington, D.C.
This was not an ordinary social dinner, but a night of honor for the top 220 TRUMP token holders—who earned the opportunity to dine with U.S. President Trump based on their holdings ranking from April 23 to May 12.
Review of the First TRUMP Meme Coin Competition
On April 19, crypto community member @thetrenchdiver announced that Trump planned to host a dinner for major investors holding TRUMP coins. As the news spread, the price of the TRUMP token rose from a near low of $7.7 to $8.7, an increase of nearly 13%. Nevertheless, many remained skeptical about the authenticity of the news.
It wasn't until April 23 that the official confirmation came: Trump would host the "TRUMP DINNER" for the top 220 holders of the TRUMP token on May 22, at the Trump National Golf Club in Washington, D.C., with registration open. By this time, the token price had risen to around $9.2. The formal confirmation of the news instantly pushed the price up to about $16.2, a 76% increase. However, subsequent details revealed that Trump might be absent from the dinner, causing the token price to fall back to around $13.3.
Despite this, the allure of the dinner continued to grow. By April 26, the price of the TRUMP token steadily climbed to around $16.4.
On May 12, the first TRUMP Meme Coin competition officially concluded, locking in the rankings. The rankings were based on the average hourly holdings from April 23 to May 12, with the top 220 holders earning entry to the dinner. The top 25 also had the opportunity to attend a VIP reception with Trump and a special tour of the White House. Additionally, all participants in the rankings received a TRUMP NFT as a memento. For more details, refer to the previous publication by Odaily Planet Daily titled "I Want to Meet Trump: 'TRUMP Dinner' Attendance Guide."
Dinner Process and Requirements
According to information provided earlier by BitMart founder Sheldon Xia, the TRUMP dinner prohibits bringing any gifts or large photography equipment; cameras must not exceed the level of a smartphone. The dress code requires adherence to the "Black Tie" standard, meaning formal attire, including a suit, tie, and dress shoes.
All participants must provide basic personal information, such as name, nationality, and contact details, and undergo a strict background check. Non-U.S. users may face special scrutiny, with results typically confirmed closer to the event. So far, there have been no cases of disqualification due to background checks.
On the day of the event, strict security checks will be conducted, with VIP participants attending a special reception with Trump one hour in advance for interaction. This will be followed by a formal dinner lasting two hours. A White House tour is scheduled for the next day, but it has not been confirmed whether Trump will accompany the group. There will also be informal group activities after the dinner.
$148 Million Entry Fee: From Sun Yuchen with Over $20 Million in Holdings to $1,200 "Exploiter"
Entering this elite club costs far more than just a formal suit.
According to the ranking published on the official TRUMP Meme Coin website, the "ticket" price for this dinner is astonishing. The total holdings of the top 25 holders reached 8.98 million tokens. Among them, TRON founder Sun Yuchen topped the list with over $20 million in holdings, while MemeCore claimed the second VIP seat, and market maker Wintermute secured a spot in the top three due to early investments.
Data shows that TRUMP Meme Coin buyers collectively invested about $148 million during the competition for 220 seats, averaging $670,000 per person. However, those who ultimately sat at Trump's table represented two extremes:
Top Players: TRON founder Sun Yuchen, with over $20 million in holdings, secured the top spot, while market maker Wintermute, despite holding only 400,000 tokens due to an early investment strategy, made it into the top three.
Exploiter: Morten Christensen, ranked 188th, and a friend locked in their seat through an "arbitrage operation" of "buying + short selling," paying only $1,200 in transaction fees, and their holdings quickly went to zero after the rankings were confirmed.
This absurd comparison is not an isolated case. Data shows that 22 of the top 25 purchased tokens after the event was announced. However, among the top 220 holders before the dinner, 17 wallet addresses had their holdings reduced to zero after the rankings were confirmed, including the wallet ranked 25th, "noah."
Chainalysis data reveals a harsher reality: 58 wallets made over $10 million in profit, with total earnings exceeding $1 billion, while 764,000 wallets reported losses. In this game, not everyone is a winner.
Dinner Attendance Record: The Subtle Dance of Crypto and Politics
When Trump appeared at the dinner as promised, the symbolic significance of the event had already transcended a simple business gathering, becoming a historic occasion for the formal "handshake" between crypto capital and traditional political power.
Sun Yuchen's Speech: Thanking the President for Supporting the Crypto Industry
As the largest holder, Huobi HTX global advisor and TRON founder Sun Yuchen was invited to speak. He stated, "I am very grateful for everything the Trump administration has done for our industry. Not long ago, crypto people were constantly oppressed, and we could not hold such a grand event in Washington, bringing together all practitioners in the U.S. to build the crypto industry together. This is the best thing I can think of. If I can come to the U.S., then everyone can come." His speech video screenshot went viral on social media, and Sun Yuchen later personally responded to community discussions.
Sheldon Xia: The "Golden Five Minutes" Bought for Millions
BitMart founder Sheldon Xia revealed that he invested around $10 million to secure a spot in the top 25, gaining the opportunity for a brief exchange with Trump. This investment was made after the dinner was confirmed, aimed at ensuring his seat. However, he still holds this asset and is not looking to "lock in a seat" and immediately sell. Sheldon Xia plans to ask Trump about the macro regulatory direction in the crypto field, including relevant policies for the U.S. and global markets.
Image source from Sheldon's official X account
Kronos Research CIO's In-Depth Observation: The Transformation from Financial Tool to Identity Symbol
Kronos Research CIO Vincent was also invited to Trump's VIP dinner, stating that holding TRUMP was based on early market signals and narrative momentum, rather than political stance. From the perspective of someone who has long observed market structures, this marks a shift of crypto assets from financial tools to a means of expressing social and political identity. It is not just about "participating in history," but witnessing how a new narrative logic enters the centers of power. For the entire industry, this is a highly symbolic signal.
From the Club to Capitol Hill: The Political Storm of the Crypto Dinner
Under the sparkling crystal chandeliers of the Trump National Golf Club, as Trump raised a toast with the token holders, protesters outside the club were holding signs reading "Crypto Corruption"—this $100 million dinner had already crossed the boundaries of "industry exchange" in the eyes of Democrats.
According to @CryptoDoggyCN, due to outside protests and opposition from Democratic lawmakers, the organizers prohibited live streaming and recording, with violators being asked to leave. Trump left the dinner an hour after it began, and the planned White House tour may have been canceled due to security or schedule adjustments, with no specific reasons disclosed.
Just hours before the dinner, a battle against "crypto corruption" had already erupted on Capitol Hill. U.S. Democratic leader Representative Maxine Waters introduced a new bill aimed at addressing concerns over the president's involvement in digital assets. It is reported that Maxine Waters and 14 other Democratic co-sponsors proposed the "2025 Act to Stop Trading, Holding, and Unfair Market Returns in Cryptocurrency" on Thursday afternoon. The bill explicitly states: prohibiting the president and his relatives from holding digital assets that could influence the market.
The seeds of controversy had already been sown. Reports revealed that Trump planned to hold two crypto-themed events in May: in addition to this token holder dinner, there is also a "Crypto and AI Innovators Dinner" organized by the MAGA Inc. super PAC, with each seat priced at up to $1.5 million. This has raised concerns from several political figures, including Senator Elizabeth Warren, who questioned whether this could involve an exchange of "presidential privilege for business investment."
In response to the concerns, Trump emphasized that he "did not profit from this" and views the crypto industry as a strategic area of U.S.-China competition. However, in the face of the TRUMP token price soaring by 50% after the dinner news was announced, Trump claimed to have "no concept" of its valuation.
Consumer rights advocacy organization Craig Holman directly stated: "Trump once touted that 'being too rich cannot be bought,' but now he has created a new model of political donations—using tokens instead of checks. We have never had a president who loves money as much as this one."
This accusation strikes at the heart of the issue: when crypto capital and political power dance so closely together, are the boundaries of democracy being redefined? In the eyes of the protesters outside the club, this dinner has already provided an answer.
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