Official Trump (TRUMP), the Solana-based meme coin backed by Donald Trump, tumbled to a historic low ahead of an exclusive token holder gathering at Mar-a-Lago where the president is expected to deliver a keynote speech.
The coin fell around 14%, sliding from $2.9 to as low as $2.5 before clawing back to around $2.6, per on-chain data.
The event brings together a mix of crypto leaders and finance veterans, according to an update on its website.
Attendees from the crypto and web3 sectors include Tether CEO Paolo Ardoino, Upbit chairman ChiHyung Song, Jupiter president Xiao-Xiao J. Zhu, Alchemy co-founder Nikil Viswanathan, and the co-founder and CEO of Anchorage Digital Nathan McCord.
Representing venture capital and traditional finance are ARK Invest CEO Cathie Wood, Founders Fund’s Joey Krug, venture capitalist Tim Draper, and real estate mogul Grant Cardone.
Former heavyweight boxing champion Mike Tyson is also among the guests.
Attendance is limited to 297 participants selected via a leaderboard based on their TRUMP holdings. The top 29 qualify for VIP access, including a private reception with Trump, a presentation on Mar-a-Lago, and priority seating.
The luncheon follows the TRUMP Gala Dinner last May, when top token holders gathered at Trump National Golf Club for a black-tie event. Attendees at that event collectively held an estimated $394 million worth of the token, with some spending as much as $10 million to secure seats.
The TRUMP token launched on Jan. 17, 2025, and quickly surged to an all-time high of $75, briefly pushing its market capitalization to about $27 billion. It has since fallen roughly 96% from its peak.
The event has drawn scrutiny over governance and disclosure, as less information has been released about attendees compared to prior gatherings. Concerns also extend to security arrangements and the possibility of foreign participation, even as organizers promise screening measures.