The other one, I mean: President Trump feted the biggest holders of his namesake memecoin on Saturday, cheering on a crypto market still fighting through a monthslong slump. In a wide-ranging address from his Mar-a-Lago resort, Trump touched on everything from the Iran war and his crypto friendly policies to the future of artificial intelligence and a recent rally in the shares of Intel, the chip maker in which the U.S. government invested. “The crypto industry was created in America,” Trump said.
“Its growth has been led by America, and its future will be made in America and other countries.” The president didn’t address the sinking value of his memecoin, $TRUMP, whose biggest holders were invited to the daylong conference. $TRUMP was trading at $2.59 on Saturday afternoon, down 14% in the past 24 hours and a fraction of its record price above $70, reached during the postinauguration frenzy in January 2025, according to CoinGecko. The token traded around $15 in May 2025, when Trump held a similar event with his top memecoin holders. Supporters clamored for a spot at the front to hear the president, disregarding repeated requests from the Secret Service to remain seated, according to people inside the room.
“The speech was useless like last time,” said Morten Christensen, the founder of airdropalert.com and a $TRUMP investor. “But the event is much better organized, higher quality all around.” The president appeared at what is billed as the “most exclusive crypto and business conference in the world” for the 297 largest $TRUMP holders. It is a brief stop on a packed schedule for him.
Later Saturday, he is expected in Washington for the White House Correspondents’ Dinner. Last year, Trump delivered remarks at a similar gala. Saturday’s event also featured appearances by a cadre of “superstars,” including investor Cathie Wood, Tether CEO Paolo Ardoino, motivational speaker Tony Robbins and boxer Mike Tyson.
The memecoin’s 29 biggest holders were invited to a VIP reception with the president. Lacking the wisdom of Solomon, I cannot determine whether this lineup of grifters and has-been grifters is more depressing than the WHCD. I also lack the spirit to sort out who is proud to celebrate losing money as a loss leader and who still hasn’t figured out that they’re the mark. Admittedly, there’s probably considerable overlap in these categories.