President Trump’s anticipated gala dinner at his Virginia Golf Club just outside Washington, D.C., will soon gather 220 TRUMP token holders. It’s widely believed that many attendees will be from other countries, with TRON founder Justin Sun confirmed to be the head of the leaderboard.
BeInCrypto compiled a list of confirmed and tentative attendees and analyzed on-chain reports from research firms Nansen and CryptoQuant to evaluate the long-term implications of the event’s conclusion on TRUMP’s price performance.
Inside the TRUMP Dinner Gala
Tomorrow, 220 top TRUMP holders will arrive at Trump’s Virginia Golf Club just outside Washington, D.C., for an exclusive dinner with the President they paid millions of dollars to participate in.
Of them, 25 will attend directly after exclusively touring the White House.
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Though most wallets are pseudonymous, several reports indicate that most attendees are tied to international exchanges that don’t serve US users, suggesting they are based outside the US.
Other attendees have already confirmed their assistance in social media posts.
Leaderboard’s Top Spot: Justin Sun
TRON founder Justin Sun secured first place on the leadership board by pouring roughly $16 million into TRUMP tokens, bringing his total holdings to over 1,430,000. Sun confirmed his attendance in an X post, adding that the dinner will provide a key opportunity to connect with different leaders.
Aside from his investment in TRUMP meme coins, Sun previously poured $75 million into World Liberty Financial, a project where 75% of revenues are routed directly to Trump-owned entities.
In 2023, the US Securities and Exchange Commission (SEC) charged Sun with market manipulation and offering unregistered securities.
Regulators sought various injunctions against him that would have largely prevented him from continuing crypto-related activities within the United States.
MemeCore: The Second-Place Contender
Singapore-based crypto network MemeCore secured second place by investing $18.6 million in nearly 1,400,000 worth of TRUMP coins. The network has been vocal on its social media about its support for the Trump presidency.
The company, which champions meme coins and online culture, repeatedly stated its intentions to secure the top spot on the leaderboard. It also encouraged individuals to donate their TRUMP coins to its campaign, offering bonuses to those who do.
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The list continues.
A Crypto Sleuth Among Top Holders
Ogle, a pseudonymous crypto sleuth who dedicates his time to recovering millions of dollars worth of stolen funds, secured the 22nd spot. Hw has expressed support for Trump on his social media in the past. Ogle also joined World Liberty Financial as an advisor in September 2024.
According to the leaderboard, Ogle holds over 250,000 TRUMP meme coins, worth over $3 million. On May 12, the day the contest concluded, he confirmed on social media that he was among the top 25 holders.
Speculation Around Unconfirmed Guests
Though most wallet owners remain unidentified, there has been much discussion around some wallet names appearing on the leaderboard. Across social media, users have speculated that one wallet, identified as “Elon,” refers to Tesla founder Elon Musk.
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In a virtual interview yesterday at the Qatar Economic Forum, Musk revealed that he would be having dinner in Washington, D.C., with the President later this week. Whether or not he was referring to the gala dinner remains unclear and has not been confirmed by the Tesla CEO.
Users have also pointed to a wallet named “MSTR,” hinting that the owner may be a representative from Bitcoin behemoth MicroStrategy. However, these claims remain rumors.
Other reports have suggested that Australian crypto entrepreneur Kain Warwick may also be among the top TRUMP holders eligible for tomorrow night’s dinner.
Warwick has previously expressed his desire to meet with Trump in interviews and acknowledged in January that he had bought a significant amount of TRUMP shortly after its launch.
“Wick” is among the wallet names that made it to the top 220 list. However, Warwick has not made any public claims regarding his attendance.
Intrigue over the dinner guests aside, the data shows TRUMP’s value is consistently reactive to major news.
How Do Major Announcements Impact TRUMP’s Price?
TRUMP’s price action since its launch at the beginning of the year has largely been event-driven.
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Until now, the two most significant events that drove the meme coin to new highs have been Trump’s presidential inauguration and his announcement of the gala dinner. TRUMP’s price also crashed following controversial announcements related to his trade policies.
“For example, the token’s trading volume spiked to $530 million when the [winners were] announced on May 12. Before that, trading volume had spiked in late April towards $1 billion, driven this time by the Trump’s tariff pause announcement. Likewise, the price of TRUMP has recovered from $7.5 to $12.7 in this period,” Julio Moreno, Head of Research at CryptoQuant, told BeInCrypto.
Evidence suggests that despite the high volume of speculative trading, the TRUMP meme coin has generally yielded more losses than profits for those involved.
A Grim Reality: More Losers Than Winners?
According to data analysis by research firm Nansen, approximately 20 million TRUMP tokens, valued at nearly $280 million, have moved into digital wallets holding at least 10 TRUMP tokens since the announcement. Meanwhile, outflows have reached about $109 million, indicating a surge in speculative trading.
However, the data paints a grim picture. Despite over 2,600 traders participating, 70% have suffered losses, with total losses since the announcement exceeding $21 million, far surpassing any profits.
“With most participants currently in the red, the Trump Dinner gamble is proving costly for many, even as attention-grabbing incentives drive short-term demand,” read the analysis by Nansen researcher Nicolai Sondergaard.
With the contest over and the dinner imminent, TRUMP’s price will remain highly sensitive to the President’s future announcements.
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