A seat at Donald Trump’s upcoming crypto luncheon could cost as little as $70,000. It could also cost more than $6 million, depending on how participants choose to climb the leaderboard that determines entry, even as the token trades nearly 96% below its peak.

The event, announced last week, is set for April 25 at Mar-a-Lago, Trump's private club in Palm Beach, Florida. Attendance is capped at 297 and is tied to holdings of the TRUMP memecoin. Wallets are ranked based on “Trump Points,” which reflect token exposure over time. Those rankings, rather than simple ownership, determine who qualifies for the invites.

This luncheon marks the second of this type of meet-the-president event, after the last dinner announcement in April 2025. That earlier dinner prompted Democratic lawmakers to lodge protests and raise concerns about Trump profiting off of his own crypto token while simultaneously championing legislation to support the industry and appointing regulators to oversee crypto. These concerns have, in part, delayed current legislation sought by the crypto industry, while lawmakers in the U.S. are currently trying to move the Digital Asset Market Clarity Act forward.

Onchain data shows that participants in this new event are approaching it in very different ways (previously, only the top 220 holders received invites), and the leaderboard of these winning wallets provides the clearest example.

Over the past week, the address tagged as DNTpoX, currently in first position on the leaderboard, received more than $6 million worth of TRUMP tokens from Binance, including transfers of 1 million and 999,999 tokens within a short period, reflecting the majority of its holdings. The pattern points to rapid accumulation, suggesting the holder has moved up the rankings through recent buying rather than long-term positioning.

That buying spree over a short period aligns with broader trading patterns around the token. The leaderboard rewards both strategies: wallets that accumulated early and held through the token's decline have built up points over months, while deep-pocketed latecomers can still climb the rankings quickly by deploying capital at scale.

The top 29 holders on the leaderboard will attend a private VIP reception with Trump and get a tour of the event venue, while the others will only attend the gala itself.

However, not all leaderboard entries appear to correspond to individual investors.

One of the wallets that made it into the leaderboard is labeled "Sun," implying it might be crypto investor Justin Sun's wallet. While Sun did buy $21 million of the memecoin last year, onchain analysis shows that the wallet is flooded with wallet transfers from HTX - an exchange with close links to Sun. However, the data appears to be internal wallet shuffling rather than a single entity owning it. Justin Sun didn't reply to CoinDesk's request for a comment.

Further down the rankings, the cost of qualifying appears significantly lower.

Based on wallet balances near the lower end of the top 300 and current prices, some positions are worth tens of thousands of dollars. That places the likely entry threshold somewhere around $70,000, although the exact cutoff will depend on how rankings shift.

That range sits well below the multimillion-dollar positions at the top, but still represents a meaningful financial commitment.

What the leaderboard shows is that the standings reflect a mix of approaches by investors who want to be invited.

Some participants accumulated tokens months ago and have held them. Others appear to be building positions more recently. In a few cases, wallets may represent exchange-linked balances rather than individuals.

Overall, the data suggest that qualifying for the event depends not only on how much is held, but also on when positions were established and how aggressively they are increased.

The TRUMP memecoin team did not immediately respond to CoinDesk’s request for comment.

A familiar but different approach

While invites to the previous Gala were limited to the top 220 token holders, this time it seems things are slightly different.

Last year’s crypto-linked dinner selected attendees based on token activity, drawing a mix of traders, entrepreneurs and public figures. Reporting from NBC News, CNBC and The Intercept identified participants, including former NBA player Lamar Odom, while many others remained pseudonymous.

Some attendees said they hoped to influence Trump’s views on crypto policy, while critics argued the event blurred the line between financial activity and political access.

Data from Dune and Token Terminal shows that TRUMP generated enormous trading volume in the days after its January 2025 launch, with activity tapering sharply thereafter. That history shapes the current leaderboard: wallets that accumulated tokens early, during that period of high liquidity, have built up Trump Points over months of holding. More recent entrants are competing in a thinner market, but large trades can still move rankings quickly — meaning both strategies remain viable.

Where it differs this time around is who is getting the invites.

For the new event, data from Solscan shows that the largest TRUMP wallets, including those tied to the project team, exchanges and liquidity pools, control the majority of the supply but don't appear on the leaderboard - likely because individual invites can’t be issued to companies or organizations.

Instead, the addresses linked to top-ranked participants tend to hold much lower total holdings. The wallet ranked third on the leaderboard, for example, holds roughly $4 million worth of tokens and sits around 30th overall in terms of total token holders. Another high-ranking participant holds between $4 million and $10 million and falls in a similar range.

The group competing for entry appears distinct from the largest holders onchain and for some participants, those positions were built months ago.

Several top-ranked wallets show large inflows of TRUMP tokens dating back eight to 10 months, typically transferred from exchanges such as Binance, OKX and Gate.io. In many cases, those tokens appear to have been held since.

This suggests that the leaderboard reflects not just current balances and trading activities but also duration, giving an advantage to participants who accumulated earlier and maintained exposure.

However, recent activity shows that positions are not fixed, and late buyers can still participate in the leaderboard.

The top-ranked wallet’s inflows indicate that large purchases can still shift rankings quickly. Participants do not necessarily need to have held tokens from the outset, provided they are willing to deploy capital at scale.

The result is a system in which both early accumulation and late entry remain viable strategies.

TRUMP is currently trading at $3.70, having gained more than 25% since the gala was announced. It remains significantly down from when it was introduced last year.