Trump crypto surges 70%—as president offers dinner to top investors
What's the story
The value of Donald Trump's cryptocurrency, the $Trump meme coin, has skyrocketed after the US President announced exclusive dinners for top investors.
The coin's website has called the event "the most EXCLUSIVE INVITATION in the world." According to Coinbase, a crypto trading platform, $Trump surged over 70% post-announcement.
However, it still remains below its all-time high of over $74 recorded shortly after launch in January.
Gala and reception
Exclusive events for $Trump holders
The upcoming events include a private gala dinner at the Trump National Golf Club in Potomac Falls, Virginia, on May 22.
There will also be an ultra-exclusive VIP reception with the President for the top 25 coin holders.
The events are part of several crypto-related ventures launched by businesses associated with Trump, who has dubbed himself as the "crypto president."
Currently, about $2.5 billion worth of Trump tokens are in circulation.
Industry reactions
Controversy and criticism surrounding Trump's crypto ventures
Trump's foray into the cryptocurrency world has not been without controversy. Some members of the crypto industry have criticized his move, labeling it as "a stunt."
Trump signed an executive order to form a working group earlier this year, tasked with proposing new crypto laws and regulations.
He also initiated plans for a Strategic Bitcoin Reserve and Digital Asset Stockpile that will include other digital currencies.
Financial products
Trump's media company to launch ETFs
This week, Trump's media company announced plans to launch exchange-traded funds (ETFs).
These financial products, which will be launched by Trump Media & Technology Group and its partners, will include digital assets as well as stocks with a "Made in America focus."
ETFs are investment funds holding multiple assets that can be bought/sold like shares.
The move marks another step in Trump's growing involvement in the world of cryptocurrency.