Gate News: On March 17, U.S. President Donald Trump announced he would host a second exclusive dinner for major holders of his Meme coin, prompting a short-term speculative opportunity in the crypto market. A trader using the pseudonym “little x” capitalized on early positioning, realizing over $2 million in short-term gains.
On-chain data platform Arkham Intelligence shows that this trader received approximately $6.4 million worth of TRUMP tokens hours after the announcement. As market sentiment rapidly heated up, the token’s price increased by about 32%, and their holdings once rose to around $8.6 million. Currently, there has been no sign of selling activity from this address, which has also secured a spot on the dinner’s priority attendee list.
This event is seen as Trump’s second effort to boost holder engagement through Meme coins. Previously, he hosted a similar dinner near Washington for the top 220 token holders. This time, the scale expanded to the top 297 holders, with the event held at Mar-a-Lago in Florida, where the top 29 attendees also received VIP access.
However, the approach continues to spark controversy. Critics argue that such events serve as channels for high-net-worth individuals to gain access to political elites, posing potential risks of利益输送 (benefit transfer). Especially with U.S. midterm elections approaching and increasing political funding in the crypto industry, discussions around this are becoming more sensitive. The White House responded that Trump’s assets are managed by a family trust, with no conflicts of interest.
Market performance shows that while short-term traders have profited significantly, long-term holders have underperformed. The TRUMP token has fallen over 94% from its all-time high and is down 18% year-to-date. Meanwhile, project revenues remain substantial. Public data indicates that Trump-related entities hold 80% of the token’s total supply, with an estimated valuation of about $3.1 billion.
Additionally, wallets associated with the project have transferred over $96 million in USDC and some TRUMP tokens to custody provider Fireblocks, raising concerns about potential sell pressure in the future.
In the context of politics intertwined with crypto assets, the “Meme coin + social event” model is forming a unique market-driven logic, but its sustainability and regulatory boundaries remain to be further observed.
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