PALM BEACH, Florida – US President Donald Trump hosted winners of his second annual meme coin contest at his Mar-a-Lago club in Palm Beach, Florida, on April 25, offering top buyers of his $TRUMP cryptocurrency an audience with him even as the token’s value has plunged more than 95 per cent from its peak in 2025.
The gala took place as scrutiny of the Trump family’s broader crypto ventures has intensified, with Democratic leaders calling for investigations.
The 297 largest $TRUMP token holders who registered for the contest attended a gathering that Mr Trump has billed as the “most exclusive” crypto and business conference in the world, where he gave the keynote address. The top 29 also attended a “special VIP reception and champagne toast” with the president.
The day-long event is the latest example of Mr Trump blending presidential stature with his family’s growing portfolio of speculative crypto ventures – a convergence government ethics experts say has little modern precedent, particularly since Mr Trump’s personal crypto wealth has ballooned as he reshapes US crypto policy.
Mr Trump’s appearance at the gala was not open to the public. But he later told reporters that he felt an “obligation” to support the crypto industry.
“As a president, I have to be able to make sure that all of our industries do well,” Mr Trump said before he boarded Air Force One on the afternoon of April 25 for his return to Washington, DC.
“Crypto is a big industry, it’s actually become somewhat mainstream.”
While many retail buyers who piled into the token around its launch have seen most of their paper gains disappear, the Trump family and affiliated entities have continued to profit from the broader crypto ecosystem.
A Reuters examination found that the family has taken in more than US$1 billion (S$1.27 billion) from crypto asset sales, including at least US$336 million tied to meme-coin sales in the first half of 2025 alone, with potentially billions more in unrealised gains.
“President Trump’s assets are in a trust managed by his children,” White House spokesperson Anna Kelly told Reuters, adding that the president only acts in the best interests of the American public. “There are no conflicts of interest.”
The meme-coin contest in 2025, at his golf club near Washington, DC, raised similar concerns for ethics experts, as did a February conference at Mar-a-Lago hosted by the president’s sons, Eric and Don Jr, for World Liberty Financial, the Trump family’s most lucrative crypto venture, which drew top figures from Washington, DC and Wall Street.
Contest rankings were based not only on holdings of $TRUMP but also on purchases of Trump-branded merchandise – including sneakers, watches and fragrances – between March 12 and April 14. Winners are set to receive Trump-branded items including a commemorative poster, two trading cards, a “Fight Fight Fight Red Beauty” watch and a fragrance.
The $TRUMP token is hovering near its all-time lows and is down steeply from the US$75 high hit shortly after it was introduced in January 2025.
Late on April 24, $TRUMP was trading at roughly US$3. As Mr Trump spoke it fell to US$2.53 amid a flurry of trading on the morning of April 25 and remained below US$2.60 after he left Florida.
The 297 qualifying winners hold roughly US$29 million worth of $TRUMP, according to crypto analytics firm Nansen, far below the US$148 million Reuters reported they held for the inaugural May 2025 contest.
“The contrast with last year’s launch is stark,” according to a Nansen analysis prepared for Reuters. When it was launched, buyers accumulated and held the token, helping fuel a sustained rally, Nansen said. “The 2026 contest generated a moment of activity, but not the same conviction we saw in 2025. Demand just isn’t sticking.”
Meme coins – a type of crypto with no utility or intrinsic value – are based on online trends and viral cultural phenomena. Most of them exhibit parabolic price curves, with a rise in the early stage often followed by a plunge in value.
Among the top $TRUMP wallets, according to blockchain data, is one linked to crypto billionaire Justin Sun, who finished first in the contest for the second consecutive year. Mr Sun, one of the largest publicly known investors in World Liberty, sued the company on April 21, alleging that it froze his holdings. Investors have grown frustrated with the venture, saying it is opaque, tightly controlled and unresponsive to complaints.
In a social media post, World Liberty co-founder and chief executive officer Zach Witkoff – the son of Trump administration special envoy Steve Witkoff – called the lawsuit “meritless,” and accused Mr Sun of “misconduct that required World Liberty to take action to protect itself and its users.”
Mr Sun did not respond to a request for comment. REUTERS