Trump's tanking meme coin gets massive boost when dinner with the president is offered as a reward
President Donald Trump's meme cryptocurrency surged in price on Wednesday after its website announced a few lucky investors could win a private dinner with the president in Washington, D.C.
The $Trump coin surged approximately 60 percent after announcing the 'most exclusive invitation in the world' dinner to the top 220 holders. The sudden price jumped to $14 – still well below its peak o $70 after launching in January.
'President Donald J. Trump is known as the ' Crypto President,'' the site stated. 'At this intimate private dinner, hear first-hand President Trump talk about the future of crypto.'
Trump has vowed to make the United States the 'crypto capital of the planet' and, in doing so, has launched his own crypto ventures, including NFT digital trading cards and memecoins. His attempts to brand his own coin and NFTs have raised concerns about conflicts of interest. Donald Trump gives a keynote speech at the Bitcoin 2024 conference at Music City Center on 27 July, 2024 in Nashville, Tennessee (Getty)
The dinner is scheduled at Trump National Golf Club in D.C., on May 25. Winners will also have a 'Special VIP Tour' arranged for them.
However, those who win the opportunity to have a 'private dinner' must pay 'all expenses' themselves, and there is no guarantee that Trump will attend. The terms and conditions say the dinner 'may be cancelled for any reason,' and in the event it is not rescheduled, winners will get a 'limited edition Trump NFT in lieu.''
Since his inauguration on January 20, Trump has overseen the biggest crash in the history of cryptocurrency.
Bitcoin slid from $109,000 in late January to below $75,000 this month, with more than $1.3 trillion wiped from the broader crypto market in less than three months.
The downturn comes amid global economic uncertainty fuelled by an escalating trade war between the U.S. and China, which has seen investors shed assets more prone to risk.
Some figures within the crypto industry have also lamented Trump's failure to fulfill his pro-crypto campaign promises.
At the Bitcoin 2024 Conference in Nashville last July, the Republican candidate said he would ensure that 'all the remaining bitcoin [is] made in the USA'. In January, Trump signed an executive order establishing a government reserve for bitcoin (REUTERS)
He also pledged to set up a bitcoin treasury, however, the Strategic Bitcoin Reserve established in March was seen as underwhelming, as it did not involve the purchase of any new bitcoin.
The crypto market has seen a slight uptick in recent days, though the rally has been attributed to institutional investment rather than any political moves in Washington.
'We're seeing increased long-term confidence and signals from institutional players,' Anil Oncu, chief executive of crypto payments platform Bitpace, told The Independent .
'Reports that banking giants Deutsche Bank and Standard Chartered are considering expanding their US crypto operations point to a more strategic investment in the sector and may be driving a sustained new optimism for bitcoin and the broader crypto market.
'Despite the surge, there will still be some caution. The Federal Reserve's next interest rate decision and ongoing discussions between Washington and Beijing will have a key influence on Bitcoin's price in the coming weeks.'
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