The crowdfunding platform Echo, once viewed as a "threat" by some crypto venture capital (VC) firms, is now experiencing a new wave of capital. Originally serving as a bridge between angel investors and retail investors, it is now attracting top-tier VCs like Paradigm to raise funds through Echo. These signs indicate a shift in VC attitudes towards "community capital" and redefine the power distribution in early-stage financing.
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ToggleVC's Previous Hostility: Competitive Pressure from Echo
Earlier this year, Echo publicly criticized the "hostility" of some VCs towards community fundraising, pointing out that some VCs had prevented founders from offering better conditions to the Echo community and even hoped to completely cancel community rounds, only accepting later-stage or high-valuation fundraising.
[The rest of the translation follows the same approach, maintaining the structure and translating the text while preserving the <> tags.]U.S. President Trump is about to host an unprecedented private dinner, inviting the largest holders of his eponymous meme coin $TRUMP. However, a blockchain analysis report shows that this gathering originally centered on U.S. politics may be dominated by non-Americans, raising questions about its political and economic motivations.
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ToggleDinner to be Held, Invitees Almost Entirely Anonymous Wallets
Trump's "$TRUMP Token Holder Dinner" is scheduled for May 22 at a private golf club in Virginia, with the guest list focusing on 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 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 indicates that out of the top 25 wallets, 19 can almost certainly be confirmed as held by overseas individuals. This means that Trump's "American-style political dinner" will actually be controlled by international capital.
Justin Sun Possibly Largest Holder, Purchasing Amount Shocking
A wallet named "Sun" currently holds over $18 million worth of $TRUMP tokens and purchased an additional $4.5 million after the dinner announcement. Multiple reports suggest that this wallet is highly associated with TRON founder Justin Sun.
Justin Sun previously stated that he had 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. Enterprises Left Behind
Following closely is the Singapore crypto platform MemeCore, with an equally high investment of $18 million. Additionally, an Australian crypto entrepreneur has successfully made it onto the list.
In contrast, U.S. domestic enterprises performed below expectations. The Texas-based logistics company Freight Technologies attempted to influence U.S.-Mexico trade policies by purchasing $2 million worth of $TRUMP coins. CEO Javier Selgas stated this was to promote "fair free trade," but ultimately ranked 250th and was not invited to the dinner.
Glory and Bubble Coexist: $TRUMP Coin's Surge and Plunge
Since its official launch in January, the $TRUMP token once soared to a market value of $1.5 billion, boosted by Trump's own posts on Truth Social and X, stating, "Time to celebrate all our values: Win!" However, the good times did not last, and the token price subsequently dropped significantly.
It briefly rebounded 50% in April due to the dinner news, with its market value rising to $2.7 billion before quickly 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 people 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 large holders made substantial profits, while most retail investors lost everything.
Blockchain Companies Withdraw, Congressional Members Warn of Risks
The 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, US Senator Richard Blumenthal expressed concerns that the crypto assets held by the Trump family could become a new channel for foreign or corporate forces to indirectly influence US politics.
White House Responds: Assets Managed by Trust, No Conflict of Interest
In response to media questions about Trump's involvement in this 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 the "anonymous whales" who bet early.
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
