Traders who won a ticket to a banquet with Donald Trump by entering a contest to buy large amounts of the president’s memecoin may have netted multimillion-dollar profits, a Financial Times analysis has revealed.
The competition, announced on April 23, offered dinner to people who held the largest quantities of the $TRUMP memecoin over a specified window in a publicly visible crypto wallet. The contest helped push the price of the token from $9.26 to $15.33 when it was announced.
Many traders started moving tokens out of their wallets as the window closed on May 12 and their place at the dinner at the Trump National Golf Club in Virginia was confirmed — despite the contest website’s exhortation to “Hold Big. Hold Strong. Hold $TRUMP”.
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