Hold onto Your Hats: Trump's Meme Coin Sends Top Holders into a Frenzy

The buzz around Donald Trump's meme coin is reaching fever pitch as the top 220 holders anxiously await word on whether they've snagged an invite to break bread with the former prez himself. Talk about a dinner to remember!

This wild ride kicked off just days before Trump's January inauguration, with the Solana-based token skyrocketing to a dizzying $75 before crashing back down to earth at around $12.32. Buckle up, folks!

But here's the kicker: the promise of swanky perks, like a gala dinner and a hush-hush VIP reception on May 22 at Trump's country club, has got everyone's attention - and tongues wagging. Controversy? You betcha!

According to the Trump-affiliated site GetTrumpMemes.com, the lucky winners are picked based on "time-weighted" holdings from April 23 to May 12. It's like a high-stakes game of musical chairs, but with crypto!

The top 220 wallets are sitting pretty with a cool $160 million in time-weighted holdings. And get this: Seychelles-based exchange HTX, linked to advisor Justin Sun, is ruling the roost with a whopping $18 million. Cha-ching!

The total market cap of $TRUMP (TRUMP) is sitting at a mind-blowing $2.74 billion, with entities tied to the Trump family holding the reins on 80% of the remaining supply. And since launch, these big shots have raked in over $320 million in fees. Ka-ching!

Hold Up, Another Trump Coin?

Rumors were swirling on May 12 that Truth Social, owned by Trump Media & Technology Group, was about to drop a brand new meme coin, hot on the heels of the official Trump coin. Is this the sequel we never knew we needed?

This would follow the launch of TRUMP and MELANIA meme coins in January, both of which saw their prices go through the roof before coming back down to reality with a thud.

While the Trump Organization insists that the former president's assets are in a trust managed by his kids, critics are crying foul. Senator Chris Murphy didn't mince words, calling the coin "the single most corrupt act ever committed by a president." He's pointing fingers at the possibility of shady, anonymous foreign donors buying their way into Trump's inner circle.

And here's the real kicker: while the big fish have been swimming in a pool of profits, raking in over $1.5 billion - $48 million of that since the dinner announcement - around 600,000 wallets have taken a nosedive, collectively losing a staggering $3.87 billion. Many of these unlucky souls bought in on secondary markets, hoping to ride the Trump train to riches. Ouch!