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A president inviting his biggest investors to dinner. Not your typical political donors — but holders of his own cryptocurrency, a currency that has lost 97% of its initial value.
Why It Matters
The significant loss in value of Trump Coin highlights the volatility and risks associated with cryptocurrencies, particularly those tied to political figures and events. This situation underscores the challenges of maintaining investor confidence in projects that may lack fundamental backing or clear use cases. As the cryptocurrency market continues to evolve, the fate of politically affiliated tokens may serve as a cautionary tale for potential investors.
What Happened
Trump is set to meet the 185 largest holders of Trump Coin at an event at the Trump National Club in Washington, scheduled for November 22. The event is described as “unforgettable” by its organizers, with the participation of three “superstars” — no further details on who these might be. This isn’t the first time Trump has used his crypto to organize such gatherings: similar events took place in April 2026 and May 2025. Since the announcement of this new event, Trump Coin briefly rose by 2.5%. Briefly. Because the token remains in freefall compared to its launch — down 97% since the beginning, representing estimated losses of $3.2 billion for investors according to a report by Public Citizen. So the 2.5% rise is essentially just noise.
Not a recovery.
Historical Context
Trump Coin was launched in January 2025 with an initial offering of 200 million tokens. The launch already created a stir — notably because Melania Trump’s cryptocurrency arrived almost simultaneously, cannibalizing some of the attention and likely liquidity. We’ve seen this in other stories of tokens linked to public figures: notoriety creates an entry spike, then the market realizes there’s not much behind the fundamentals. The comparison with Kim Dotcom and his attempt to launch MegaUpload 2.0 via an ICO in 2016 is not far-fetched — the same logic of personal branding transformed into a digital asset, the same ambiguity about the real value of the project.
But Trump, he’s the President of the United States. That’s where it gets really complicated.
Why It Matters
Public Citizen has warned against using presidential functions for personal gain in such a volatile sector. And the concerns raised by the organization are concrete: the Trump family is active in legislative discussions on cryptocurrency regulation while holding and actively promoting eponymous digital assets. The “Clarity Act” — legislation aimed at clarifying the legal framework for cryptos in the United States — was recently stalled in the Senate, partly due to political tensions related to Trump’s crypto activities. It creates a knot: those who regulate the sector have a direct financial interest in it.
Too risky. For everyone, including the holders still betting on the token.
These events at the Trump National Club are not just social gatherings. Bringing together the 185 largest holders of a digital asset linked to a sitting president is building a network. These individuals have invested — massively, and often at a loss — in something bearing Trump’s name. They have an interest in Trump’s success, both politically and economically. And Trump has an interest in keeping them close.
It’s a loyalty loop that goes beyond mere crypto speculation.
What to Watch
The evolution of Trump Coin’s price until November 22 is likely to be turbulent. Every announcement related to the event creates micro-volatility — the 2.5% rise after the announcement is a direct example. A larger spike in the weeks leading up to the event would signal active, possibly coordinated, speculation. No certainty on that, but it’s worth a look.
Legislative discussions in the United States on crypto regulation remain the real underlying issue. If the “Clarity Act” or similar legislation returns to debate in the Senate, any explicit mention of the Trump family’s activities in the bills will make noise — and likely move the markets. Major exchange platforms have not yet moved publicly on Trump Coin. A potential delisting would directly affect the token’s liquidity and visibility. No announcement in this regard yet, but it’s a real risk that holders might be ignoring.
The Public Citizen report on the $3.2 billion in losses is there, in black and white. These figures don’t disappear with an “unforgettable” evening at the Trump National Club. Investors who bought at the launch in January 2025 have lost most of their stake. Those arriving now are betting on what, exactly? On the notoriety of a politician, not on solid economic fundamentals.
And maybe that’s the real issue: Trump Coin isn’t really a cryptocurrency in the way the industry likes to define itself. It’s a political loyalty tool dressed up as a digital asset. The 185 guests on November 22 likely know this. The question is whether the thousands of other holders understand what they’ve put their money into.
Public Citizen has quantified their losses at $3.2 billion.
