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President Donald Trump is scheduled to speak at a Mar-a-Lago conference for top holders of the $TRUMP meme coin on Saturday, even as the token has fallen sharply from its January 2025 peak and VIP access has become significantly cheaper.
Access to a VIP reception with Trump is limited to the top 29 qualifying holders. Financial Times analysis shows that winners of a VIP ticket held a median of $539,000 of $TRUMP at the end of the contest, compared with approximately $3.28 million last year—an 84% drop.
“Memecoins have gotten wrecked,” said Austin Campbell, managing partner of crypto advisory firm Zero Knowledge Consulting. “The Trump brand is not enough of a carrot to elevate them.”
Nansen data cited by the Financial Times shows more than $12.9 billion traded hands in the token through decentralized crypto trading platforms in the immediate run-up to the 2025 dinner. This year’s contest drew $1.4 billion in volumes, an 89% decline.
The contest announcement in March briefly lifted the token from $2.90 to $4.05, but it fell to $2.88 by the end of the competition on April 14.
Many winners appear to have liquidated their holdings. The total number of tokens held by winning accounts identified by the Financial Times fell from 17 million at its peak to 9.7 million a week later.
Chinese crypto investor Justin Sun topped the leaderboard with holdings of about $9.4 million of $TRUMP throughout the competition. Sun recently sued World Liberty Financial (CRYPTO: WLFI), a Trump-backed crypto firm, accusing it of fraud.
As of April 2025, the Trump family and its partners had made $320 million in memecoin-related trading fees.
Two entities overwhelmingly hold the token: an affiliate of the Trump Organization and a company run by Bill Zanker, a longtime Trump business partner.
“Nobody likes it,” said Morten Christensen, a crypto investor who still plans to attend the Mar-a-Lago event. “People are losing on the coin, and they are vocal. They are the people on Twitter like, ‘F*** this coin’ or ‘It’s a scam.’ And they’re right, basically.”
The Mar-a-Lago event is open to the top 297 $TRUMP investors. Trump will speak during the luncheon alongside boxing legend Mike Tyson, motivational coach Tony Robbins, and Tether CEO Paolo Ardoino.
Fine print on the contest’s website states that Trump “may not be able to attend” and the event could be “cancelled for any reason.”
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