Donald Trump’s memecoin witnessed a remarkable increase of over 50% on Wednesday, following an announcement from its issuers about an exclusive dinner for top holders of the cryptocurrency.

Details of the Upcoming Event

The event, set to take place at Trump National Golf Club in Washington on May 22, aims to bring together the top 220 holders of the coin to engage with Trump on topics concerning “the future of crypto.”

Among those invited, the 25 individuals who possess the highest amount of Trump tokens will enjoy a special pre-dinner reception and a VIP tour of the White House the following day.

Market Response to the Announcement

The announcement coincided with traders gearing up for a fresh release of $TRUMP tokens into the market. Consequently, the price surged as high as $14.70, marking its highest valuation since early March, according to Coinbase data.

The cryptocurrency, which has stirred controversy since its inception shortly before Trump’s inauguration, demonstrates extensive volatility. Initially, it skyrocketed from approximately $6 to a peak of $75. Critics allege that this launch reflects an exploitation of Trump’s supporter base for financial gain.

Financial Insights and Ownership

Analysis conducted by the Financial Times suggests that the Trump crypto initiative yielded at least $350 million during its launch period in January. Currently, about 80% of the tokens are under the control of CIC Digital, affiliated with the Trump Organization, as well as a business called Fight Fight Fight LLC.

According to the token’s website, GetTrumpMemes.com, the eligibility for guests is based on their average $TRUMP token balance from April 23 to May 12. Individuals can verify their standing via the “official $TRUMP leaderboard.” Notably, as of Wednesday, 183 users had connected their crypto wallets to this leaderboard, with the top holder, known only as “CASE,” boasting around 400,000 tokens valued at approximately $5.2 million.

Market Position and Regulatory Insights

As reported by CoinMarketCap, the Trump token ranks 37th among cryptocurrencies, with a total value of approximately $2.6 billion in circulation as of Wednesday afternoon. The rapid fluctuations in its price have made it a prominent figure within the realm of memecoins—tokens that draw inspiration from internet culture, memes, or current events.

In February, the U.S. Securities and Exchange Commission (SEC) indicated that such tokens are more like collectibles and consequently do not fall within the scope of federal securities regulations.

Future Speculations

Wednesday’s price surge occurred as traders anticipated the unlocking of additional tokens held by initial investors and insiders. However, the organizers have announced a temporary halt to the unlocking process for a duration of 90 days.