Trump's "TRUMP Meme Coin Dinner" Exposed: Most of the Top Coin Holders Are Foreigners, Full of Suspicions

U.S. President Trump is about to host an unprecedented private dinner, inviting the largest holders of his namesake meme coin $TRUMP. However, a blockchain analysis report shows that this gathering originally centered on U.S. politics may be dominated by non-Americans, raising questions about its political and economic motives.

Dinner to be held, almost all invitees are anonymous wallets

Trump's "$TRUMP Token Holder Dinner" is scheduled for May 22 at a private golf club in Virginia, with invitations targeting the top 220 token holders. However, according to the review, these top-tier token wallets are mostly anonymous accounts with unidentifiable real identities.

This raises questions: Who exactly is buying tickets to dine with the former U.S. president? And what are the purposes behind these investments?

Blockchain analysis reveals: Most whales come from overseas

According to a report by blockchain analysis company Inca Digital, the main wallet addresses of the $TRUMP token frequently appear on overseas exchanges like Binance that do not serve U.S. customers. This suggests that most top token holders are likely not U.S. citizens.

Further analysis by Bloomberg also points out that 19 out of the top 25 wallets can almost certainly be attributed to overseas individuals. This means that Trump's "American-style political dinner" will actually be controlled by international capital.

Justin Sun possibly the largest holder, with shocking purchase amount

One wallet named "Sun" currently holds over $18 million worth of $TRUMP tokens and added another $4.5 million after the dinner announcement. Multiple reports indicate that this wallet is highly associated with TRON founder Justin Sun.

Justin Sun previously stated that he spent $75 million on the World Liberty Financial token led by the Trump family. Although his representatives did not respond to media inquiries, the blockchain traces have almost confirmed that he is the number one "whale" of this $TRUMP dinner.

Singapore and Australian investors rush in, U.S. companies left behind

Following closely is the Singapore crypto platform MemeCore, with an equally high investment of $18 million. Additionally, an Australian crypto entrepreneur has also made it into the list.

In contrast, U.S. domestic companies performed below expectations. The Texas-based logistics company Freight Technologies attempted to purchase $2 million worth of $TRUMP coins to influence U.S.-Mexico trade policies. CEO Javier Selgas stated this was to promote "fair and free trade," but ultimately ranked 250th and missed the dinner invitation.

Glory and bubble coexist: $TRUMP coin's surge and plunge

Since its official launch in January, the $TRUMP token once soared to a market cap of $15 billion, boosted by Trump's posts on Truth Social and X, saying "It's time to celebrate all our values: Winning!" However, the good times didn't last, and the coin price subsequently dropped significantly.

It briefly rebounded 50% in April due to the dinner news, with the market cap rising to $2.7 billion before falling again. This highly volatile performance has deepened external doubts about the token's sustainability.

Data reveals: Most investors suffer losses, whales profit

According to Inca Digital's statistics, while 560,376 wallets collectively gained $5.2 billion, even more became "leeks": up to 592,962 wallets collectively lost $3.9 billion. This demonstrates the extreme wealth transfer in the Trump coin ecosystem, where early big players made huge profits while most retail investors were left with nothing.

Blockchain Companies Withdraw, Congressional Members Warn of Risks

Blockchain security companies Chainalysis and Elliptic, which were initially involved in analysis, have announced the cessation of tracking services for $TRUMP coin due to limited resources after receiving numerous inquiries.

On the other hand, U.S. Senator Richard Blumenthal expressed concerns that crypto assets held by the Trump family could become a new channel for foreign or corporate forces to indirectly influence American politics.

White House Response: Assets Managed by Trust, No Conflict of Interest

In response to media questions about Trump's involvement with the coin, the White House spokesperson stated that Trump's assets are managed by a children's trust and currently "there is no conflict of interest". However, in the crypto world, this dinner has already symbolized a new intersection of politics and crypto, and the true winners may not be Trump's voters, but those early "anonymous whales".

TWEX, Taiwan's first crypto trading platform established by a telecommunications company, will officially go online on May 22, 2025. TWEX is operated by Taiwan Mobile's fully-owned subsidiary Fusheng Digital, with business focusing on virtual currency trading. Currently, it is only open to invited customers. The following introduces how to use TWEX and provides background information about the company and its management team based on the official website.

How to Register for TWEX

According to the official website, the basic requirements for registering for TWEX include having a Republic of China (Taiwan) ID, a Taiwan Mobile phone number, and a bank account. Here are the registration steps.

Prepare your ID, select from Taiwan Mobile APP homepage -> Smart Finance -> Choose Taiwan Mobile Virtual Asset Trading Platform -> Select and enter the phone number logged into Taiwan Mobile APP -> Enter the one-time password (OTP) from SMS, skip this screen if using mobile data -> Set a password, enter a custom password with 8 to 16 characters combining English letters and numbers, check the agreement -> Set email for OTP verification -> Enter email OTP verification code -> Complete member registration, open identity verification, prepare ID and facial photo -> After identity verification, wait 5 to 7 working days for manual review, during which you can start binding bank account for verification.

Note that currently TWEX is only open to Taiwan Mobile users with Republic of China (Taiwan) nationality, one email can register only one account, currently only provides New Taiwan Dollar deposits to purchase Bitcoin and ETH, can only be purchased via online transfer and account balance, does not provide external cryptocurrency transfer/input or currency exchange, only provides bank account binding for ATM and online transfers, does not provide counter transfers. Deposit limit is 1.5 million New Taiwan Dollars.

Introduction to TWEX Fusheng Digital

Fusheng Digital Co., Ltd. was established in October 2022, with TWEX Fusheng Digital as a subsidiary of Taiwan Mobile. The company's main business includes virtual asset trading and financial technology services. TWEX is chaired by Taiwan Mobile's General Manager Lin Zhi-chen, with Han Kun-ju, Vice President of New Technology Business Development, serving as General Manager. Lin Zhi-chen founded AppWorks in 2009 as Chairman and Partner, which is one of Southeast Asia's largest startup accelerators and most active venture capital institutions. Han Kun-ju's previous experience includes serving as a manager at Sinopac Commercial Bank and CTBC Commercial Bank, General Manager of Paid International Information, Assistant President of PChome Online, and Chief Operating Officer of Pi Wallet.