Foreign Investors Could Be Big Wins in Trump's Meme Coin Contest

The competition for invites to an elite crypto dinner event hosted by President Donald Trump at his personal golf club in Virginia on May 22 concluded with the first 220 individuals who held tokens from the Trump meme coin securing spots at this formal gathering; updates were shared via their official X account. announced Monday .

A " leaderboard Of the top 220 holders shown on the website, their identity was not revealed; however, many wallets were identified which several cryptocurrency specialists associated with potentially overseas people and organizations. This has intensified worries regarding possible conflicts of interest involving the business ventures and international connections of the Trump family.

According to the meme coin's website, the top 25 "VIP holders" were also invited to what it described as an "Exclusive Reception before Dinner" and a "Special VIP Tour."

FURTHER: SEC states that meme coins do not fall under securities regulations

As the Trump family could stand to earn tens of millions of dollars from the coin’s dealings and potentially much more due to their ownership stake, the value of Trump's meme coin has seesawed continuously over the last three weeks. Many supporters and cryptocurrency aficionados have rushed to buy into the coin hoping to gain entry to an exclusive event, whereas many others are selling off their holdings to capitalize on the current excitement.

The value of the coin plummeted quickly on Monday following the conclusion of the competition and stood at $12.59 by 4 p.m. ET. Upon the announcement of the grand event last year, the coin’s worth surged over 55%, eventually peaking at almost $16.42, data shows. Coinbase.com .

Although the value of the Trump coin has fluctuated, leading to significant gains for some individuals, countless investors have apparently suffered financial losses from this venture. As reported by CNBC based on data from a blockchain analysis company, Chainalysis' data Approximately 764,000 cryptocurrency wallets have incurred losses due to investments in Trump-related meme coins, whereas only 58 wallets have generated millions of dollars from their holdings in these same tokens.

A White House spokesperson did not immediately respond to a request for comment from ABC News.

When asked about the Trump meme coin and possible conflicts of interest during a press conference on Friday, White House Press Secretary Karoline Leavitt stated that the president is adhering to all conflict of interest regulations.

"The president has been incredibly transparent with his own personal financial obligation throughout the years," Leavitt said. "I can assure you the president acts with only the interests of the American public in mind, putting our country first and doing what's best for our country. Full stop. That's his intention, and that's what he's focused on."

Although the coin's website had earlier advertised a "Special VIP White House tour" for the top 25 coin holders, as of Monday afternoon it simply said "Special VIP tour," without mentioning the White House. Additionally, the website included a disclaimer saying the tour is being arranged by the Fight Fight Fight LLC, and that the president himself is appearing as a "guest."

In its social media announcement about the conclusion of the contest, the post also announced a "rewards points program" and the awarding of "exclusive NFTs" for the winners.

Crypto analysts say that the wallet belonging to the leading holder of this particular cryptocurrency — known as “Sun” and possessing approximately $16.6 million worth of the Trump meme token — is associated with a non-U.S. crypto platform counseled by Chinese tycoon Justin Sun. This individual organized a conversation between Eric Trump and Zack Witkoff during a blockchain event in Dubai. During this gathering, Witkoff disclosed an alliance involving another Trump family-related digital currency project called World Liberty Financial. $2 billion business deal with an Abu Dahbi state-backed investment firm. Justin Sun did not immediately respond to a request for comment from ABC News.

Sun is also one of World Liberty Financials' biggest investors , buying $75 million worth of its cryptocurrency the day before President Biden's inauguration earlier this year. About a month following that investment, SEC lawyers during the Trump administration worked to stop an alleged fraud case against Sun, who together with his firms has refuted any wrongdoings.

FURTHER: The Trump family cryptocurrency initiative was selected as part of a $2 billion investment backed by Emirati financiers.

The second highest stakeholder, believed by cryptocurrency analysts to be an entity named MemeCore and often referred to as "MeCo," has taken a more outspoken stance regarding their quest for securing a VIP pass. They have openly asked their supporters to transfer Trump coins into their wallet to reach the "#1 position on the $TRUMP leaderboard." Their stated aim is to dominate “the whole meme landscape,” promising to return all the tokens following the conclusion of this endeavor.

Altogether, the leading 220 folders contain a combined total of 13.7 million Trump coins, which have an estimated value of almost $14 million as of 4 p.m. ET on Monday, as reported by Coinbase.com.

Significantly, 17 among the highest 220 coin holders on the leaderboard, with one even within the top 25, seemed to have zero Trump coins as of Monday afternoon — potentially indicating that these individuals might have sold their stakes prior to the conclusion of the competition.

Specialists indicate that this can be attributed to the fact that the initial selection of the top 220 participants was determined using "time-weighted holdings." These calculations took into account both "the quantity and length of time" each individual held their assets between April 23 and May 12. The site further explains that "your weighted score increases as you maintain your holding for a more extended period."

It remains uncertain whether the individuals holding zero Trump coins will be granted entry to the event.