The $TRUMP token has seen a sharp reversal in fortune.
Once surging on the back of a high-profile dinner invitation from President Trump himself, the meme coin is now under intense scrutiny from regulators as losses mount for the majority of holders.
Chainalysis data shared with CNBC confirms that while the top 58 wallets made a combined $1.1 billion in profit, over 764,000 wallets that bought into the hype are now in the red.
The surge in interest, fuelled by promises of exclusive access and political proximity, has raised deeper concerns about financial transparency, insider gains, and foreign influence within the crypto fundraising ecosystem.
$TRUMP token hype driven by Trump-backed dinner promise
Interest in the TRUMP token intensified when Donald Trump teased an exclusive gala dinner for the top 220 token holders.
The $TRUMP token has experienced extreme volatility in recent weeks, driven largely by political association and an exclusive promotional campaign.
Initially tied to the prospect of Donald Trump’s second presidential term, the token gained renewed momentum after a May 22 event was announced, offering top holders access to a black-tie-optional dinner with the president at his Trump National Golf Club in Washington, D.C.
Fight Fight Fight LLC. and CIC Digital LLC., the entities controlling most of the token’s supply, have remained largely opaque, though their influence over price movements is evident.
The dinner promotion triggered a sharp spike in demand, particularly among speculative traders, pushing the token’s market cap to $2.7 billion before falling back to roughly $2.17 billion.
Despite this inflow, returns have been highly uneven, with price swings amplified by broader market instability and the token’s limited liquidity distribution.
The event, pitched as an elite gathering tied to Trump’s crypto and AI ambitions, triggered a 50% surge in interest.
Chainalysis data shows over 100,000 new wallets have entered the market since April 15, with more than half—54,000—buying in after the event announcement.
$900,000 in trading fees sparks ethics probe
The token’s popularity—and its sharp concentration of profit—has drawn political and regulatory attention.
According to a CNBC report, Trump and close associates generated nearly $900,000 in trading fees over a 48-hour period following the announcement of the dinner.
The Senate’s Permanent Subcommittee on Investigations has since opened an inquiry into potential conflicts of interest.
At the heart of the probe are concerns about token ownership, financial disclosures, and ties to foreign entities.
Investigators are focusing on whether promotional activity linked to the dinner, combined with anonymous crypto flows, may have enabled undisclosed contributions to Trump-affiliated fundraising entities.
The probe is also looking into World Liberty Financial, another Trump-linked crypto venture.
Its connections to overseas backers, including a state-affiliated Emirati fund and controversial crypto figure Justin Sun, are under particular scrutiny.
Crypto and AI fundraiser raises transparency concerns
Separate from the $TRUMP token dinner, Trump’s super PAC is reportedly offering another high-priced event—this time called the “Crypto & AI Innovators” dinner.
Entry costs $1.5 million per person. However, there is no public requirement to disclose the identities of attendees.
While political donations in fiat currency are subject to disclosure rules, payments made in crypto are not.
This gap is raising fresh concerns about hidden influence and a lack of transparency.
Given the current scrutiny of the $TRUMP token and World Liberty Financial, watchdog groups have flagged the risk of foreign or anonymous interests gaining outsized access to political decision-makers through crypto-focused events.
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