The worst-performing digital asset in the top 100 today is US President Donald Trump’s memecoin, TRUMP.
Down 15% since last night’s highly anticipated dinner gala that drew protests from US constituents, the contentious asset has lost a significant amount of utility since yesterday.
Many of the attendees dumped their TRUMP holdings after receiving a dinner invite, which partially explained the slump.
About 40% of the top 220 wallets that once held enough tokens to qualify for the dinner held no TRUMP during the actual dinner.
Owners of the memecoin don’t receive any equity, dividends, or other financial interests in any company. The top 220 holders as of a snapshot date that has already passed could qualify for dinner access.
Going forward, the coin simply is “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol $TRUMP and the associated artwork,” according to Trump’s official website.
Expired utility for Trump’s memecoin
Thursday’s dinner at Trump’s National Golf Course drew hundreds of the largest token buyers. The top 25 holders for the three weeks of the contest received a tour of the White House.
TRON founder Justin Sun attended the dinner after dropping $40 million to buy the coin. He expressed eagerness to discuss crypto with Trump and said it would be his first time meeting the president.
Read more: Donald Trump’s memecoin profits targeted by MEME Act
Hyperithm CEO Oh Sang-rok handed out “Make Crypto Great Again” hats to dinner guests.
Taiwan-based Kronos Research Chief Investment Officer Vincent Liu attended in the hopes of gaining access to US markets.
The dinner drew its share of opposition, including a group of protestors outside who chanted “Shame!” as attendees arrived. Democratic Senator Jeff Merkley called it “the Crypto Corruption Club.”
White House Press Secretary Karoline Leavitt denied that personal corruption by Trump had anything to do with the dinner.
“It’s absurd for anyone to insinuate that this president is profiting off of the presidency. This President was incredibly successful before giving it all up to serve our country publicly,” she said.
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