Former President Donald Trump is scheduled to host two crypto-focused dinners this month, aiming to raise substantial funds. One dinner is a high-priced political fundraiser for deep-pocketed donors, while the other targets memecoin millionaires. The first event, priced at $1.5 million per plate, is one of the most expensive political fundraisers in recent history. The second dinner, scheduled for May 22, offers access to Trump's inner circle to holders of the $TRUMP token.

The "Crypto & AI Innovators Dinner," hosted by MAGA Inc. on May 5, features David Sacks, who is involved in reshaping crypto and artificial intelligence regulations. MAGA Inc., a super PAC supporting Trump, is raising millions through these dinners, though it is unclear how these funds will be used, given that Trump is constitutionally barred from running for a third term. The crypto community has welcomed Sacks' influence, attributing a policy shift in federal agencies to him and other Trump-aligned appointees, contrasting with President Joe Biden's approach.

The second dinner will take place at Trump National, Trump's private club near Washington, D.C. The guest list will be determined by a blockchain-based contest managed by the creators of the $TRUMP memetoken. Entry is based on the number of tokens held, with the top 220 token holders promised dinner with Trump. The contest concludes on May 12. Additionally, the gala includes a "VIP White House Tour" and a special reception for the memecoin's 25 largest holders, with an active leaderboard displaying top buyers' usernames.

Accountable.US, a watchdog group, has criticized the leaderboard contest as a corrupt scheme, suggesting it allows wealthy donors, potentially including foreign entities, to gain access to the president while enriching the Trump family. The pseudonymous nature of crypto wallets makes it challenging to verify the identities of the top token holders. In January, crypto entrepreneur Justin Sun increased his stake in another Trump-related crypto project, disclosing a $75 million holding in World Liberty Financial's token, amidst an SEC civil fraud case against him.

The $TRUMP contest's fine print does not guarantee Trump's attendance, stating that the event can be canceled for any reason, in which case participants will receive a Trump NFT instead. Despite this, the contest has increased demand for the coin, benefiting its creators. The $TRUMP token's value surged over 50% following the gala's announcement, increasing the value of wallets controlled by insiders and early backers. Chainalysis reports that roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates. Trading activity since the token's launch in January has generated over $324 million in trading fees for insiders through a mechanism that directs a percentage of each trade to wallets linked to the coin's creators. Insiders have agreed to postpone cashing out their tokens for at least 90 days, according to public disclosures.