Former President Donald Trump is hosting winners of his annual meme coin contest at Mar-a-Lago this Saturday. Top buyers of his $TRUMP cryptocurrency will attend the event, even as the token's value has dropped 96% from its peak.
The gathering faces increased scrutiny of the Trump family's broader crypto activities, with calls for investigations.
The 297 largest $TRUMP token holders will attend what Trump calls the "most exclusive" crypto and business conference. The top 29 participants will join a special reception with the former president.
This event highlights a convergence of presidential stature and the family's speculative crypto ventures. Government ethics experts note this combination has little modern precedent, especially as Trump's personal crypto wealth has grown alongside his influence on U.S. crypto policy.
While many early retail buyers have seen their gains vanish, the Trump family and associated entities have continued to profit from the crypto market. A Reuters examination revealed over $1 billion in crypto asset sales, including significant amounts from meme-coin sales in early 2025.
White House spokesperson Anna Kelly stated that the former president's assets are in a trust managed by his children and that he acts in the public's best interest, asserting no conflicts of interest.
Last year's contest and a February conference hosted by Trump's sons for World Liberty Financial also raised ethical concerns. Contest rankings included purchases of Trump-branded merchandise and crypto holdings.
The $TRUMP token is currently near its all-time lows. It closed at $2.81 when the contest ended, a steep decline from its January 2025 peak of $75.
Qualifying winners hold approximately $29 million worth of $TRUMP, significantly less than the $148 million held for the previous year's contest. Analysis indicates less conviction and sustained demand compared to the prior year.
Meme coins, characterized by their lack of utility and volatile price swings, are driven by online trends. The $TRUMP token exhibits this pattern, with an early rally followed by a sharp decline.
Among the top $TRUMP wallets is one linked to crypto billionaire Justin Sun, who secured first place in the contest for the second consecutive year. Sun recently sued World Liberty, alleging frozen assets, while the company called the suit "meritless."