Several hundred of the top $TRUMP meme coin holders gathered at Mar-a-Lago over the weekend, receiving Trump-branded watches and a rambling speech from the former president. The event followed a sharp decline in the coin’s value, which has since fallen to its lowest level ever.
Donald Trump launched the $TRUMP meme coin (alongside the associated $MELANIA meme coin) just three days before his second inauguration. The coin’s price immediately surged past $74, giving it a total market capitalization of around $15 billion—a figure critics called absurd for a digital asset with no inherent value or transactional use. Essentially functioning as a digital endorsement of Trump, the coin’s price has since collapsed even faster than the president’s approval ratings.
As of Tuesday, the coin’s market cap has plummeted to just $583 million, marking a 96% decline from its peak. The price of a single coin now hovers around $2.50, nearing its all-time low.
From White House Tours to Mar-a-Lago Luncheons
Nearly a year ago, the $TRUMP website offered exclusive perks to top holders, including a soiree at Trump’s Virginia golf course for the top 220 coin holders and a VIP tour of the White House for the top 25. (The White House tour offer was later removed amid negative attention.) That event drew high-profile attendees—and protests—but Trump’s speech left some investors disappointed, as they felt they hadn’t received the access they had paid for.
Last weekend, Trump attempted a similar gathering. The top 297 investors in the coin were invited to Mar-a-Lago for a “luncheon” as part of a loosely themed “crypto” conference featuring figures like Mike Tyson and Tony Robbins. Trump made an appearance, though the full speech was not publicly released. However, snippets posted online provided a glimpse of his remarks.
One video clip from an attendee shows Trump repeating his familiar line:
“The US is the hottest country anywhere in the world.”
Trump’s Crypto Remarks and Investor Reactions
According to Decrypt.co, a crypto industry blog with a reporter present, Trump discussed the crypto industry, claiming,
“They noticed that I was doing so well—I had a poll where I was almost at 100 percent with all of the crypto.”He also made jokes about Iran, recycling material from previous speeches.
Morten Christensen, a $TRUMP coin investor and operator of the crypto-focused website airdropralert.com, told the Wall Street Journal,
The speech was useless like last time. But the event is much better organized, higher quality all around.
Attendees reportedly showed little enthusiasm for Trump’s speech, instead taking selfies during his remarks. However, they appreciated that he spent significantly more time at the event than he did the previous year. Sources told Decrypt.co that many attendees were foreigners who had traveled specifically for the gathering.
Trump also met privately with the top 29 holders of the meme coin, delivering positive remarks.
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