Trump's $TRUMP Coin Gala Draws Criticism, Surge

President Donald Trump will host an exclusive gala dinner for the top 220 holders of his $TRUMP meme coin at his golf club near Washington, D.C., on May 22, 2025, with rankings determined by wallet balances held through May 12. The top 25 holders will also receive a VIP reception and a White House tour with Trump. The announcement led to a 50% to 70% surge in $TRUMP coin's price and increased trading volume as investors vied for top spots. Critics, including consumer advocacy groups, have condemned the event as a 'pay-to-play' scheme that monetizes access to the president and raised concerns about ethics and influence-peddling. Some in the crypto community also express skepticism about a potential 'rug pull' since Trump-affiliated entities own a large share of the tokens. Despite backlash, Trump has pledged to make the U.S. a global crypto leader and announced plans to appoint pro-crypto officials to key regulatory positions.