{"id":454233,"date":"2026-04-26T05:03:11","date_gmt":"2026-04-26T05:03:11","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/454233\/"},"modified":"2026-04-26T05:03:11","modified_gmt":"2026-04-26T05:03:11","slug":"trump-hosts-crypto-contest-winners-at-mar-a-lago-as-his-meme-coin-plunges-in-value-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/454233\/","title":{"rendered":"Trump hosts crypto contest winners at Mar-a-Lago as his meme coin plunges in value \u2013 The Irish Times"},"content":{"rendered":"

US president Donald Trump<\/a> hosted winners of his \u200csecond annual meme coin contest at his Mar-a-Lago club in Palm Beach, Florida, on Saturday, offering top buyers of his $Trump cryptocurrency<\/a> an audience with him even as the token\u2019s value has plunged more than 95 per cent from its peak last year. <\/p>\n

The gala took \u200bplace as scrutiny of the Trump family\u2019s broader crypto ventures has intensified, with Democratic<\/a> leaders calling for investigations. The 297 largest $Trump token holders who registered for the contest attended a gathering that Trump has billed as the \u201cmost exclusive\u201d crypto and business conference in the world, where he gave the keynote address. The top 29 also attended a \u201cspecial VIP reception and champagne toast\u201d with the president.<\/p>\n

The day-long event is the latest example of Trump blending presidential stature with his family\u2019s growing portfolio of speculative crypto ventures – \u200ba convergence government ethics experts say has little modern precedent, particularly since Trump\u2019s personal crypto wealth has ballooned as he reshapes US crypto policy.<\/p>\n

Trump\u2019s appearance at the gala was not open to the public. But he later told reporters that he felt an \u201cobligation\u201d to support \u2060the crypto industry.<\/p>\n

\u201cAs a president, I have to be able to make sure that all of our industries do well,\u201d Trump said before he boarded Air Force One on \u200cSaturday \u200cafternoon \u200bfor his return to Washington, DC. \u201cCrypto is a big industry, it\u2019s actually become somewhat mainstream.\u201d<\/p>\n

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 \u2060found that the family has taken in more than $1 billion (\u20ac853 million) from crypto asset sales, \u200bincluding at least $336 million tied to meme-coin sales in the first half of 2025 alone, with potentially \u200bbillions more in unrealised gains.<\/p>\n

\u201cPresident Trump\u2019s assets are in a trust managed by his children,\u201d White House spokesperson Anna Kelly told Reuters, adding that the president only acts in the best interests of the American public. \u201cThere \u200care no conflicts of interest.\u201d<\/p>\n

Last year\u2019s meme-coin contest, at his golf \u200bclub near Washington, DC, raised similar concerns for ethics experts, as did a February conference at Mar-a-Lago hosted by the president\u2019s sons, Eric and Don Jr, for World Liberty Financial, the Trump family\u2019s \u2060most lucrative crypto venture, which drew top figures from Washington, DC and Wall Street.<\/p>\n

[\u00a0Bitcoin falls below $65,000 to wipe out \u2018Trump rally\u2019Opens in new window<\/a>\u00a0]<\/p>\n

Contest \u2060rankings were based not only on holdings of $Trump coins but \u200balso on purchases of Trump-branded merchandise – including sneakers, watches and fragrances – between March 12th and April 14th. Winners are set to receive Trump-branded items including a commemorative poster, two trading cards, a \u201cFight Fight Fight Red Beauty\u201d watch and a fragrance.<\/p>\n

The $Trump token is hovering near its all-time lows and is down steeply from the $75 high hit shortly after it was introduced in January 2025.<\/p>\n

Late on Friday, $Trump was trading at roughly $3. As Trump spoke it fell to $2.53 amid a flurry of trading on Saturday morning and remained below $2.60 after he left Florida.<\/p>\n

The 297 qualifying winners hold roughly $29 million worth of $Ttrump, according to crypto analytics firm Nansen, far below the $148 million Reuters reported they held for the inaugural May 2025 contest. \u201cThe contrast with last year\u2019s launch is stark,\u201d 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. \u201cThe \u200c2026 contest generated a moment of activity, but not \u2060the same conviction we saw in 2025. Demand just isn\u2019t sticking.\u201d<\/p>\n

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.<\/p>\n

Among the top $Trump wallets, according to \u200cblockchain data, is one linked to crypto billionaire Justin Sun, who finished first in the contest for the second consecutive year. Sun, one of the largest publicly known investors in World Liberty, sued the company on Tuesday, alleging that it froze \u200bhis holdings. Investors have grown frustrated with the venture, saying it is opaque, tightly controlled and unresponsive to complaints.<\/p>\n

[\u00a0Donald Trump meme coin tanks after wife Melania also launches tokenOpens in new window<\/a>\u00a0]<\/p>\n

In a social media post, World \u200bLiberty co-founder and chief executive Zach Witkoff, the son of Trump administration special envoy Steve Witkoff, called the lawsuit \u201cmeritless\u201d and accused Sun of \u201cmisconduct that required World Liberty to take action to protect itself and its users\u201d.<\/p>\n

Sun did not respond to a request for comment. <\/p>\n

– Reuters <\/p>\n

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