Trump's Gala Invite Caused a TRUMP Coin Frenzy After Arkham Tracked a Massive Crypto Wallet
A recent tweet from Arkham Intelligence has revealed that a wallet registered for Donald Trump’s upcoming crypto-themed dinner holds $14.6 million worth of TRUMP tokens, making it the largest wallet tied to the event. The wallet associated with the event seems to belong to another crypto exchange, HTX, which raises questions regarding institutional participation in the much-hyped event.
— Arkham (@arkham) April 24, 2025Somebody appears to have registered an HTX Cold Wallet for the Donald Trump dinner.
HTX holds $14.6M TRUMP in this wallet, making it the largest wallet registered for the dinner.
Address: 8NBEbxLknGv5aRYefFrW2qFXoDZyi9fSHJNiJRvEcMBE pic.twitter.com/etX8uImNCz
This event, which is set to be hosted in the Trump National Golf Club in Washington, D.C., on May 22, will convene the finest 220 holders of the TRUMP meme coin. Holders are identified by their average number of coins between April 23 and May 12.
The first 25 top performers will be given VIP passes and a tour of the White House. All spectators must undergo a violent criminal record check and provide personal identification information to register. The occasion’s coordinators also noted that the event is not a political fundraising event.
Trump will be addressing the future of digital money but will not ask people for contributions. They stated that the TRUMP token is not an investment tool nor a financial asset and exists solely as an emblem of support based on meme culture.
After the gala announcement, TRUMP’s price skyrocketed to $14.32 the next day and fluctuated near the $12.50 level consistently. The trading volume increased to over 500% in 24 hours, with a turnover of over $ 5 billion and a market cap of $ 2.7 billion. This increase halted the continuous downtrend of this token since the beginning of the year, when it reached the highest point of $75.35.
The event brought back the focus on the TRUMP coin, which featured a real-time tracker for maximum wallets for the gala on the website gettrumpmemes.com. The registrant is required to link the wallet and input personal information.
However, Trump’s dabbling in crypto didn’t end with the TRUMP meme token. In 2024, he and his sons established World Liberty Financial (WLFI) and stated they had sold 550 million tokens.
The announcement has not only been criticized by the ethics inspectors but also by lawmakers. Some analysts have argued that this has the effect of directly profiting off of Trump’s influence by rewarding people for holding crypto assets. Sen. Christoper Murphy referred to it as “the most brazenly corrupt thing a President has ever done.”
This isn’t Trump just being Trump. The Trump coin scam is the most brazenly corrupt thing a President has ever done. Not close. https://t.co/CpDuxmS13d
— Chris Murphy 🟧 (@ChrisMurphyCT) April 23, 2025
Similarly, user Dday opined saying that the dinner is far from a presidential role and may lead to legal repercussions. Controversy has also arisen concerning crypto regulation as the scheme can influence policies, as per House Financial Services Chair Frank Hill noting that the initiative interferes with ongoing legislation.
I am no lawyer, but I would suggest this just might be a long way outside the rhelm of his Presidential duties and subject to legal recourse.
— DDay (@DDay1152862) April 23, 2025
In response, the organizers pointed out that none of the TRUMP coin activities connected with any political campaign or federal agency. The organizers of the event, Fight Fight Fight LLC, reiterated that the fight was optional and that contestants joined because of their pocket money.
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
