Here’s another twist in the Trump memecoin world – some top holders say that the Gala dinner with Trump is just costing them $1,200 each.
These five were among the top 220 time-weighted holders of the Trump memecoin over the past three weeks. Although it usually takes about $54,500 in holdings to get through, Christensen and his friends found a smarter way to do it in less.
What Was The Strategy?
They bought the memecoin, shorted the same amount to offset the risk, and then sold both positions as soon as the dinner winners were announced. Christensen, who runs AirdropAlert.com, said that with this strategy, attending the dinner didn’t really cost them anything, as they just paid some fees.
“I didn’t even think it was in the possibility I’d go in to meet the president of the United States. We figured it won’t cost us that much to compete, so we gave it a shot and we made it,” 39-year-old Christensen said, as reported by Bloomberg. “
They joined the memecoin dinner contest at the last minute when they saw it wasn’t as tough as they expected. They even built a program to track the top holders and bought more tokens at the last minute to secure their spots.
$320M Poured Into Trump Tokens for Trade and Crypto Plans
Trump is hosting this dinner at his golf club, where the top 25 memecoin holders will also get a chance for a White House tour. Big companies like Freight Technologies plan to raise $20 million to build a Trump token treasury for U.S.-Mexico trade. Meanwhile, China-linked GD Culture Group aims to gather $300 million to create a reserve with Bitcoin and Trump tokens.
However, some have called this dinner a “pay-to-play” scheme. The Democrats also delayed the stablecoin rules over concerns that Trump’s family’s growing crypto ties could cause problems.
As per recent reports, investors have spent over $148 million for a chance to dine with the President, as he called it the “most exclusive invitation”. The coin is currently trading at $13.20. The memecoin’s value had soared to $15 billion but has since dropped to about $2.7 billion.
