Trump’s latest venture – a $TRUMP token on Solana – is causing mayhem in Washington. The controversial cryptocurrency launch, featuring an exclusive gala for top holders at his golf club, has hit an $11B market cap while sparking ethics concerns. Senator Murphy calls it presidential misconduct, while watchdogs slam it as “brazenly corrupt.” With 80% of tokens locked for Trump Organization affiliates and Melania launching her own memecoin, this crypto circus keeps getting wilder.
While crypto markets are no stranger to wild schemes, Trump’s latest venture takes the absurdity to new heights. The former president’s team just announced an exclusive gala at Trump National Golf Club for top holders of his $TRUMP token, sending the cryptocurrency soaring over 60% in pure FOMO-driven madness.
Only the top 220 average holders between April 23 and May 12 will snag invites, with the most devoted 25 whales getting VIP treatment and a special tour. But there’s a catch – wannabe attendees need to submit to background checks and can’t be from certain watchlist nations. Because nothing says “decentralized finance” quite like centralized vetting.
Crypto whales chase Trump’s golden ticket, but even digital democracy comes with a velvet rope and security pat-down.
The timing is impeccable, really. $TRUMP launched just three days before inauguration on the Solana blockchain, with a neat little structure that keeps 80% of tokens locked up for Trump Organization affiliates. The token achieved market cap of 11B at its peak price of $74.59. The public gets to fight over the remaining 20%. How generous. Trump’s sons have launched World Liberty Financial to develop their own stablecoin. The administration’s appointment of David Sacks as crypto guru signals a dramatic shift in policy direction.
Democrats aren’t taking this sitting down. Senator Chris Murphy (D-CT) is leading the charge, calling it a blatant example of presidential misconduct. Ethics watchdogs are having a field day, labeling the venture “brazenly corrupt” as it blurs the lines between Trump’s business interests and potential official duties.
The promotion is peak Trump – complete with real-time leaderboards tracking holdings and promises of “once-in-a-lifetime” access to influence crypto policy. It’s working too, with the token pumping harder than a Mar-a-Lago swimming pool on a summer day.
Meanwhile, Melania’s got her own memecoin in play, because apparently one Trump token wasn’t enough for the crypto markets to handle. The whole affair sets an unprecedented scenario: a president monetizing their office through personal cryptocurrency before potentially returning to power.
The SEC might have something to say about that – if they can tear themselves away from their ongoing crypto crackdowns long enough to notice.
