Trump Memecoin Publisher Launches New Loyalty Program

The team behind the memecoin $TRUMP is launching a new loyalty program, according to their official website and social media channels. This move comes right after a wave of large token holders withdrew funds, following the conclusion of a high-stakes contest with the chance to have dinner with Donald Trump. According to Bloomberg, this loyalty initiative encourages users to link their self-custody cryptocurrency wallets to the ranking system, allowing them to earn "Trump Reward Points" and exclusive digital badges. "Join the Trump Community! HAVE FUN!" the website exclaims. Although the exact details have yet to be revealed, the program appears to aim at rewarding those who continue to participate. This announcement comes right after a strong sell-off. A recent leaderboard competition promised the top 220 holders of $TRUMP a seat at dinner on May 22 with Trump. After the competition ended on Monday, more than 20 wallets in the top 220 either sold out or significantly reduced their holdings, according to the rankings. In an effort to maintain holders' interest, the issuer of the coin—Fight Fight Fight LLC—has revealed that those who hold their coin balance until the end of dinner will receive a limited-edition TRUMP DIAMOND HAND NFT on the Solana blockchain. These NFTs are not only rare collectibles, but they also enhance the holder's ability to earn Trump Reward Points. Trump's memecoin initiative has drawn political criticism. Democratic Senators Elizabeth Warren and Adam Schiff previously called for a federal ethics investigation, accusing Donald Trump of profiting from access to himself through this digital asset program. A Bloomberg investigation also found that many participants in the rankings are based outside the United States, raising further questions. After the competition ended, the price of the $TRUMP coin dropped by about 8% in 24 hours, according to CoinMarketCap. The token has now slid to around $2.55 billion, down from a market capitalization of $15 billion that it had surged to in January. It experienced a temporary price increase in April after the dinner competition was announced but has since lost momentum. Two entities – CIC Digital LLC, affiliated with Trump Organization, and Fight Fight Fight LLC—control 80% of the total memecoin supply. This massive stake is currently locked under a three-year release schedule, but the first unlock will occur in about two months. After the unlock, the organizations may begin to sell off their holdings. Both CIC Digital and Celebration Cards LLC have the right to benefit from the revenue generated by memecoin trading.