In brief
- Top holders of President Trump’s official meme coin were invited to an exclusive dinner Thursday.
- An attendee attempted to launch a Solana meme coin of their own, right from the event.
- The coin quickly peaked at a $450,000 market cap before plunging, and never recovered.
An attendee of Thursday’s Trump crypto gala dinner launched a Solana meme coin via Pump.fun amid the president’s speech—posting evidence of the action in a Telegram group.
The token failed to gain much traction, however, topping out at a market cap of $450,000 before it crashed and burned, with holders who apparently gambled on the token’s prospects labeling the deployer a “scammer” and calling for “jail time.”
In a video posted in the meme coin’s Telegram group, the attendee can be seen recording President Trump speaking to a room packed full of suits. The camera then pans downwards as they pick up their phone—which shows some Russian language text—and launch the Trump Dinner (DINNER) token.
The unnamed deployer was among the top 220 TRUMP holders invited to the exclusive dinner on Thursday night, an event that cost top-tier “VIP” attendees an average of $4.8 million worth of TRUMP tokens to attend.
Given that exclusive backdrop, when they posted a video creating a token, traders on the Pump.fun thread believed the creator was a crypto “whale” and that the token was destined for a multi-million-dollar surge.
That never happened, however, and it’s likely the token struggled to make headway due to two notable red flags that may have concerned meme coin traders.
First off, the deployer controlled nearly 10% of the total supply—more than double the amount deemed socially acceptable in the trenches. And second, 44% of the tokens were bundled across multiple wallets according to TrenchBot, a tool often used by traders. A bundle is when a portion of a token supply is bought via multiple wallets, giving the illusion that no single group or person has too much control over a coin.
As a result, the token failed to break past a $450,000 market cap, and crashed in price by 89% in a matter of minutes.
“Full clip dev bag. What you need 10 percent for? lmao,” one Pump.fun commenter said, urging the creator to sell all of their tokens.
After posting four dinner-related videos in the token’s Telegram chat, including one of President Trump dancing to “YMCA,” the deployer heard the community’s concerns and offered to send part of his supply to the official TRUMP meme coin deployer wallet.
“5%. Send it,” the creator wrote on Telegram, attaching a SolScan link. But, somehow, they’d sent the tokens to their own wallet, rather than TRUMP.
Following this move, the token rallied 118% to a $137,920 market cap as a video of the attendee’s filet mignon entered the chat—before sharply crashing 45% back down to $76,100.
“Coin is a scam lmao,” a Pump.fun commenter wrote. “He sent 5% to himself.”
By this point, upset token holders started to take to X (formerly Twitter) to voice their anger with the failed project.
“Find this dude [for real], he stole [$4,000 in SOL] from me. My wallet is so bad [right now], please find this dude, scam everyone [for real],” pseudonymous trader Cloxes wrote on X. “Jail time,” Cloxes wrote in another post.
Others called out the near 44% supply being bundled as to blame for the project’s failure. However, there is only on-chain evidence of the deployer’s own wallet and a number of small fry snipers purchasing the token before the original video was posted—two minutes after being deployed.
The first wallet to buy and profit off the token bought DINNER a minute after the video was posted, buying in with $177 in SOL and eventually selling for $3,600 in profit via three transactions.
In fact, the creator’s wallet—despite owning 10% of the supply and suspiciously sending half of the stash to himself, rather than to the TRUMP wallet—never actually sold.
In the last video posted in the Telegram, the attendee showed staff packing up after handing out special edition watches given to the top four TRUMP holders. In the deployer’s voice, you can hear pain as his DINNER token sat at a measly $58,000 market cap.
“Are you a holder of the DINNER coin?” the deployer said, rather seductively, before pausing, “Yeah… still early…”
Buyers were not still early, however—they were very late.
DINNER did not rise once after this message and is currently sitting at a market cap of $14,350—down a whopping 92.5% from its already disappointing all-time high.
Edited by Andrew Hayward
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