Cryptocurrency representation with $Trump meme coin and Bitcoin in this photo illustration on February 8, 2026 in Brussels, Belgium.
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President Donald Trump hosted the winners of the second annual Meme Coin Contest at his club Mar-a-Lago in Palm Beach, Florida, on Saturday, providing an audience for the top buyers of his $TRUMP cryptocurrency, even though the token’s value has fallen more than 95% from its peak last year.
The celebration comes as Democratic leaders call for an investigation into the Trump family’s extensive cryptocurrency business, which has come under increasing scrutiny.
The 297 largest $TRUMP token holders who registered for the contest attended what President Trump called the world’s “most exclusive” crypto and business conference, where he delivered the keynote address. The top 29 participants also attended a “special VIP reception and champagne toast” with the president.
The daylong event is the latest example of Trump combining his presidency with his family’s growing portfolio of speculative cryptocurrency ventures. Government ethics experts say this fusion is almost unprecedented in modern times, especially as personal crypto assets have ballooned as Mr. Trump reshapes U.S. crypto policy.
Trump’s attendance at the celebration was private. However, he later told reporters that he felt an “obligation” to support the crypto industry.
“As president, I have to make sure that every industry in our country does well,” President Trump said Saturday afternoon, before boarding Air Force One to return to Washington, D.C. “Cryptocurrency is a big industry and it’s actually kind of mainstream.”
While the many retail buyers who stocked up on the token before and after its launch have seen most of their paper profits disappear, the Trump family and related entities continue to profit from the broader cryptocurrency ecosystem.
According to a Reuters investigation, the family has earned more than $1 billion from the sale of crypto assets, including at least $336 million related to meme coin sales in the first half of 2025 alone, with the potential for billions more in unrealized gains.
“President Trump’s assets are in a trust controlled by his children,” White House press secretary Anna Kelly told Reuters, adding that the president acts only in the best interests of the American people. “There is no conflict of interest.”
Last year’s memecoin contest at his golf club near Washington, D.C., raised similar concerns among ethics experts. So did a conference for the Trump family’s most lucrative crypto venture, World Liberty Financial, hosted by the president’s sons Eric Jr. and Don Jr. at Mar-a-Lago in February and drawing top figures from Washington, D.C., and Wall Street.
Contest rankings were based not only on $TRUMP holdings, but also on purchases of Trump-branded products such as sneakers, watches and fragrances between March 12 and April 14. The winner will receive a commemorative poster, two trading cards, a “Fight Fight Fight Red Beauty” watch, fragrance and other Trump-branded items.
$TRUMP token near low price
The $TRUMP token is hovering near all-time lows, significantly down from the $75 high it reached shortly after its introduction in January 2025.
Late Friday, $TRUMP was trading around $3. It fell to $2.53 in heavy Saturday morning trading while Trump spoke, and remained below $2.60 after Trump left Florida.
According to crypto analysis firm Nansen, $TRUMP held by the 297 qualifying winners is worth about $29 million, far less than the $148 million won in the first contest in May 2025, reported by Reuters.
“The contrast with last year’s launch is striking,” said Nansen’s analysis prepared for Reuters. Nansen said that once the tokens were launched, buyers saved and held them, helping to fuel a sustained rise. “We saw some brief activity in the 2026 contest, but we didn’t have the same confidence as in 2025. Demand is not here to stay.”
Meme coins (a type of cryptocurrency with no utility or intrinsic value) are based on online trends and viral cultural phenomena. Most of them exhibit parabolic price curves, often resulting in a steep drop in value after an initial rise.
According to blockchain data, some of the top $TRUMP wallets include those associated with crypto billionaire Justin Sun, who placed first in the contest for the second year in a row.
Mr. Sun, one of World Liberty’s largest public investors, sued the company on Tuesday, claiming his shares were frozen. Investors have become increasingly frustrated with the business, saying it is opaque, tightly controlled and unresponsive to complaints.
In a social media post, World Liberty co-founder and CEO Zach Witkoff, son of Trump administration envoy Steve Witkoff, called the lawsuit “meritless” and accused Sun of “illegal conduct that World Liberty must take action to protect itself and its users.”
The Sun did not respond to requests for comment.
