All this to get dinner with Trump and VIP tour? Chinese-linked firm raises $300 mn to buy $TRUMP meme coin
Notably, the top holders of the $TRUMP meme coin spent from $53,500 to $16.4 million to get a chance to be invited for a dinner with Trump. World
Chinese-linked firm GD Culture Group (GDC) has announced to raise $300 million in purchasing TRUMP tokens and Bitcoin, ahead of much-anticipated US President Donald Trump's crypto dinner.
According to a May 11 filing with the US Securities and Exchange Commission, GD Culture Group, a Nasdaq-listed holding company with Chinese ties, will be investing in the $TRUMP.
The company had just eight employees and no recorded revenue last year. It also claims to operate an e-commerce platform via TikTok, however it has appeared to be shifting its strategy.
However, this raised alarms over potential conflicts of interest and regulatory gaps. Meanwhile, the ongoing US and China trade conflict also comes along in this.
This comes just weeks after Trump was slammed for hosting a gala dinner for the top 200 TRUMP holders and offering a meeting with the president for the top 25 holders.
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It also helped in raising the value of $TRUMP meme coin by over 40 per cent from the announcement through May 12, which partially reversed an 88% decline in the past weeks.
Notably, the top holders of the $TRUMP meme coin spent from $53,500 to $16.4 million to get a chance to be invited for a dinner with Trump, according to Inca Digital's analysis.
WATCH | Trump Launches '$trump' Coin Ahead Of Inauguration
As of the contest's end on May 12, the biggest holder of the digital currency was an account named Sun VIP. However, it is impossible to get the identity of any of the account owners due to the anonymity of digital wallets.
"A ton of these users sent funds to international exchanges," Austin Ryan, director of marketing for Inca Digital, a firm that analyzes crypto data for risk issues like liquidity and front-running, said. "The thought is that if they are interacting with those exchanges, they are not in the US."
Trump will be hosting the dinner on May 22 at the Trump National Golf Club in Washington, DC, as per the $TRUMP meme coin website. The top 25 holders will "will enjoy a Private VIP Reception with President TRUMP" as well as a "Special VIP TOUR," it read.
WATCH | Donald Trump's $TRUMP Meme Coin Takes Crypto World By Storm
