As competition to be a top $TRUMP holder ends, the meme coin launches loyalty program, reward points

The competition to win a dinner at the Trump National Golf Club in Washington, DC, on May 22 for the top 220 holders of the $TRUMP token is over. In a post on X, the @GetTrumpMemes account said, “If you were in the top 220 on the leaderboard, check the email you signed up with for details on the Dinner with President Trump as soon as possible.”

Additional prizes were also revealed yesterday and include “a TRUMP DIAMOND HAND limited edition TRUMP SOLANA NFT. Very Special and Rare.”

The post also announced new $TRUMP endeavors: a loyalty program and reward points. Details are scant on the official website, with one line saying, “Connect your wallet NOW and get TRUMP Points IMMEDIATELY! Join the Trump Community! Have FUN!”

The dinner has brought the ire of Democrats, with many, including Sen. Richard Blumenthal, arguing that the dinner might violate government ethics requirements and facilitate “financial transactions with foreign nationals under federal prosecution.”

Last week, a Bloomberg analysis showed that all but six of the top 25 holders are foreign. A report from New York Magazine identifies some of the “winners” who will be at the dinner, which include controversial crypto figure Justin Sun, who has also invested heavily in the Trump-linked World Liberty Financial project.

“The prevalence of these likely foreign buyers echoes concerns that congressional Democrats have expressed about the ethics of marketing the coin with a promise of presidential access,” Bloomberg reported.

$TRUMP, with a $2.5 billion market cap, was launched on the eve of the presidential inauguration. Since then, it has enjoyed some spikes, namely around Inauguration Day and after the “exclusive dinner” announcement, but the token is down 75% since its all-time high on January 19.

Harrison Seletsky, director of business development at SPACE ID, warned about the meme coin frenzy that has returned since the global tariff de-escalation.

He noted that over the last seven days, the market cap of the meme category on CoinGecko has increased 36%, while some, like Solana’s MOODENG, have exploded by 530% in just a week.

“For every success story, there are thousands of horror stories. So, anyone looking to speculate on meme coins must be incredibly careful — remember you’re buying an asset with no intrinsic value. If the only thing driving the price is hype, then the pump will almost certainly be very short-lived,” Seletsky added.

Indeed, a report from the Washington Post focusing on $TRUMP buyers found that at least 67,000 completely new or beginner crypto investors bought Trump’s meme coin, but they almost all bought the coin near its peak price and 80% have lost money on their investment.