- Arkham detected an HTX cold wallet containing $14.6 million in TRUMP tokens for Trump’s May 22 gala registration.
- Trump’s coin rose by 58% and reached $5 billion in trading volume following the dinner announcement.
A recent tweet from Arkham Intelligence has revealed that a wallet registered for Donald Trump’s upcoming crypto-themed dinner holds $14.6 million worth of TRUMP tokens, making it the largest wallet tied to the event. The wallet associated with the event seems to belong to another crypto exchange, HTX, which raises questions regarding institutional participation in the much-hyped event.
This event, which is set to be hosted in the Trump National Golf Club in Washington, D.C., on May 22, will convene the finest 220 holders of the TRUMP meme coin. Holders are identified by their average number of coins between April 23 and May 12.
The first 25 top performers will be given VIP passes and a tour of the White House. All spectators must undergo a violent criminal record check and provide personal identification information to register. The occasion’s coordinators also noted that the event is not a political fundraising event.
Trump will be addressing the future of digital money but will not ask people for contributions. They stated that the TRUMP token is not an investment tool nor a financial asset and exists solely as an emblem of support based on meme culture.
TRUMP Token Sees Volume Explosion
After the gala announcement, TRUMP’s price skyrocketed to $14.32 the next day and fluctuated near the $12.50 level consistently. The trading volume increased to over 500% in 24 hours, with a turnover of over $ 5 billion and a market cap of $ 2.7 billion. This increase halted the continuous downtrend of this token since the beginning of the year, when it reached the highest point of $75.35.
The event brought back the focus on the TRUMP coin, which featured a real-time tracker for maximum wallets for the gala on the website gettrumpmemes.com. The registrant is required to link the wallet and input personal information.
However, Trump’s dabbling in crypto didn’t end with the TRUMP meme token. In 2024, he and his sons established World Liberty Financial (WLFI) and stated they had sold 550 million tokens.
Criticism Builds Around Ethics and Legal Implications
The announcement has not only been criticized by the ethics inspectors but also by lawmakers. Some analysts have argued that this has the effect of directly profiting off of Trump’s influence by rewarding people for holding crypto assets. Sen. Christoper Murphy referred to it as “the most brazenly corrupt thing a President has ever done.”
Similarly, user Dday opined saying that the dinner is far from a presidential role and may lead to legal repercussions. Controversy has also arisen concerning crypto regulation as the scheme can influence policies, as per House Financial Services Chair Frank Hill noting that the initiative interferes with ongoing legislation.
In response, the organizers pointed out that none of the TRUMP coin activities connected with any political campaign or federal agency. The organizers of the event, Fight Fight Fight LLC, reiterated that the fight was optional and that contestants joined because of their pocket money.
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