President Donald Trump hosted winners of his second annual meme coin contest at his Mar-a-Lago club in Palm Beach, Florida, on Saturday, offering top buyers of his $TRUMP cryptocurrency an audience with him even as the token’s value has plunged more than 95% from its peak last year.
The gala took place as scrutiny of the Trump family’s broader crypto ventures has intensified, with Democratic leaders calling for investigations.
The 297 largest $TRUMP token holders who registered for the contest attended a gathering that Trump has billed as the “most exclusive” crypto and business conference in the world, where he gave the keynote address. The top 29 also attended a “special VIP reception and champagne toast” with the president.
The day-long event is the latest example of Trump blending presidential stature with his family’s growing portfolio of speculative crypto ventures — a convergence government ethics experts say has little modern precedent, particularly since Trump’s personal crypto wealth has ballooned as he reshapes U.S. crypto policy.
Trump’s appearance at the gala was not open to the public. But he later told reporters that he felt an “obligation” to support the crypto industry.
