Trump welcomes the winners of a cryptocurrency contest at Mar-a-Lago while his coin struggles to gain traction
U.S. President Donald Trump will host the winners of his second annual meme coin contest at his Mar-a-Lago club in Palm Beach, Florida, on Saturday. This event will provide top buyers of his $TRUMP cryptocurrency an opportunity to meet with him, despite the token’s value having dropped 96% from its peak last year.
The gala is set to occur amid heightened scrutiny of the Trump family’s wider cryptocurrency endeavors, as Democratic leaders are urging for investigations into potential financial misconduct and the implications of their involvement in the cryptocurrency market.
The 297 largest $TRUMP token holders who signed up for the contest will participate in an event that Trump has described as the “most exclusive” crypto and business conference globally, where he will deliver the keynote address. The top 29 will also participate in a special VIP reception and champagne toast with the president.
The day-long event exemplifies Trump merging presidential stature with his family’s expanding portfolio of speculative crypto ventures—a convergence that government ethics experts argue has little modern precedent, especially given the significant increase in Trump’s personal crypto wealth as he influences U.S. crypto policy.
Although numerous retail buyers who invested in the token at its launch have witnessed a significant decline in their paper gains, the Trump family and associated entities have managed to maintain profitability within the wider crypto ecosystem.
A Reuters examination revealed that the family has garnered over $1 billion from crypto asset sales, which includes at least $336 million associated with meme-coin sales in the first half of 2025 alone, along with potentially billions more in unrealized gains.
“President Trump’s assets are held in a trust overseen by his children,” stated White House spokesperson Anna Kelly to Reuters, emphasizing that the president always acts in the best interests of the American public. “There are no conflicts of interest present.”
Last year’s meme coin contest at his golf club near Washington, D.C., 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 attracted prominent figures from Washington, D.C., and Wall Street.
Contest rankings were determined by both the holdings of $TRUMP and the purchases of Trump-branded merchandise, such as sneakers, watches, and fragrances, made between March 12 and April 14.
Winners will be awarded Trump-branded items such as a commemorative poster, two trading cards, a “Fight Fight Fight Red Beauty” watch, and a fragrance.
The Trump token is approaching its lowest levels.
The $TRUMP token is currently positioned close to its historical lows. At the conclusion of the contest earlier this month, $TRUMP settled at $2.81, significantly lower than its all-time high of $75 shortly after its launch in January 2025.
The 297 qualifying winners possess approximately $29 million in $TRUMP, as reported by crypto analytics firm Nansen, significantly lower than the $148 million that Reuters indicated they held for the inaugural May 2025 contest.
A Nansen analysis prepared for Reuters states, “The contrast with last year’s launch is stark.” Nansen reported that upon its launch, buyers gathered and retained the token, contributing to a prolonged rally. “The 2026 contest sparked a flurry of activity, yet it lacked the same conviction that characterized 2025. “Demand simply isn’t holding up.
Online trends and viral cultural phenomena form the foundation of meme coins, a category of cryptocurrency that lacks utility or intrinsic value. Many meme coins exhibit parabolic price trajectories, initially experiencing a surge followed by a significant drop in value.
One of the leading $TRUMP wallets, based on blockchain data, is associated with crypto billionaire Justin Sun, who secured first place in the contest for the second year in a row.
Sun, a prominent investor in World Liberty, filed a lawsuit against the company on Tuesday, claiming that it has frozen his holdings. Investors are expressing their frustration with the venture, citing its lack of transparency, tight control, and unresponsiveness to complaints.
In a social media post, Zach Witkoff, co-founder and CEO of World Liberty and son of Trump administration special envoy Steve Witkoff, described the lawsuit as “meritless” and alleged that Sun engaged in “misconduct that required World Liberty to take action to protect itself and its users.”
Sun did not provide a response to the request for comment.
