Trump’s meme coin surges in price after he invites investors to dinner

Donald Trump’s cryptocurrency has surged in price after the US president offered a private dinner for the meme coin’s top investors.

The $Trump coin shot up by 60 per cent on Wednesday after its website announced the “most exclusive invitation in the world” to a gala dinner would be offered to its 220 biggest holders.

“President Donald J. Trump is known as the ‘Crypto President’, “the site stated. “At this intimate private dinner, hear first-hand President Trump talk about the future of crypto.”

Despite the sudden price jump to $14, the $Trump coin remains well below its peak above $70, which it hit shortly after launching in January.

Since his inauguration on 20 January, President Trump has overseen the biggest crash in the history of cryptocurrency.

Bitcoin slid from $109,000 in late January, to below $75,000 this month, with more than $1.3 trillion wiped from the broader crypto market in less than three months.

The downturn comes amid global economic uncertainty fuelled by an escalating trade war between the US and China, which has seen investors shed assets more prone to risk.

Some figures within the crypto industry have also lamented President Trump’s failure to fulfill his pro-crypto campaign promises.

At the Bitcoin 2024 Conference in Nashville last July, the Republican candidate said he would ensure that “all the remaining bitcoin [is] made in the USA”.

He also pledged to set up a bitcoin treasury, however the Srategic Bitcoin Reserve established in March was seen as underwhelming, as it did not involve the purchase of any new bitcoin.

The crypto market has seen a slight uptick in recent days, though the rally has been attributed to institutional investment rather than any political moves in Washington.

“We’re seeing increased long-term confidence and signals from institutional players,” Anil Oncu, chief executive of crypto payments platform Bitpace, told The Independent.

“Reports that banking giants Deutsche Bank and Standard Chartered are considering expanding their US crypto operations point to a more strategic investment into the sector and may be driving a sustained new optimism for bitcoin and the broader crypto market.

“Despite the surge, there will still be some caution. The Federal Reserve’s next interest rate decision and ongoing discussions between Washington and Beijing will have a key influence on Bitcoin’s price in the coming weeks.”