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“… Though many of the qualifying attendees were apparently unmoved by the prospect, choosing to forgo the NFT in favor of offloading their coins, it has not had a material detrimental impact on the TRUMP price. At the time of writing, the TRUMP coin is trading for $12.86 per unit, down from $14.59 on May 12.
The Trump Memecoin Dinner Winners Are Getting Rid of Their Coins
Many of the crypto investors preparing to attend an exclusive gala dinner with US president Donald Trump have offloaded the coins that won them their seats.www.wired.com
“… To claim a spot at the dinner, investors had to purchase at least 4,196 units of the TRUMP coin, worth about $54,000 at the time of writing. To qualify for the reception, the VIPs held around 325,000 TRUMP coins on average, worth roughly $4.2 million.
At the time of writing, 100 of the 220 attendees have done away with practically their entire TRUMP stash, including 17 of the 25 VIPs. One VIP, going by the username Woo, appears to have made a $2.5 million profit on their TRUMP holdings, which they delivered to crypto exchange Binance on Wednesday, presumably with the intention to sell.
… Though the attendees would appear to be eager for an audience with Trump, their trading activities since the competition deadline appear to imply a low conviction in the long-term potential of the president’s coin as an investment asset. Representatives for Trump did not respond immediately to a request for comment.…”
The limited decline in price had been predicted in some quarters, attributed to the possibility that holding the coin might yield yet further perks or advantages in the future—potentially including access to Trump.
In establishing an explicit quid pro quo—a large investment in exchange for a dinner with the president—the competition effectively turned TRUMP into a so-called utility coin. That idea is underscored by the rewards program teased by the organizers.
“The market will expect further utility to come from holding that coin,” Nathan van der Heyden, head of business development at crypto company Aragon, told WIRED in April. “Before, you were speculating on a TRUMP coin with no utility. Now you’re speculating on future access to Trump. That has to be worth a bit more money.” …”
