SEC-targeted Justin Sun set for private Donald Trump dinner as top TRUMP token holder

Tron Network founder Justin Sun will be at President Donald Trump’s exclusive dinner with top TRUMP memecoin holders. The crypto entrepreneur disclosed this on X, noting that he is excited to be part of the event that will be held on Thursday.

Sun got the invite because he is the top holder of the TRUMP memecoin and plans to discuss the crypto industry and its future at the event.

He said:

“Grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan! As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry.”

The exclusive dinner taking place at Trump’s Virginia golf resort near Washington would see the President dine with the top 220 holders of his memecoin. With Sun’s post, he confirmed previous speculations that he is the person holding 1.3 million TRUMP tokens and topping the leaderboard.

Many have praised his moves as a strategic opportunity to get access to the President and interact with him. However, Sun, who is currently involved in settlement talks with the US Securities and Exchange Commission (SEC), did not detail what he would discuss with the President.

Interestingly, the crypto entrepreneur had invested in another Trump-affiliated project. A few months ago, he bought $30 million worth of World Liberty Financial (WLFI) tokens and took up an advisory role for the project.

Foreign investors dominate TRUMP holders’ leaderboard

While Sun has confirmed himself as one of the attendees of the TRUMP memecoin exclusive dinner, the identity of most of those on the list remains unknown, as they signed up using their wallet addresses and three or four-letter user names.

However, reports from CNBC and Bloomberg have claimed that most of the top holders are foreign crypto investors. According to CNBC, citing data from data analytics firm Inca Digital,  most of the top 275 TRUMP holders bought the token through offshore exchanges such as Binance, Bybit, and OKX.

Most of these exchanges do not service US residents, with OKX only becoming available in the US by mid-April 2025. Thus, this suggests that most of the holders are foreign investors. At least one of those known foreign investors is MemeCore, the Singapore-based crypto network with over 1.2 million TRUMP tokens and second on the leaderboard.

An older report from Bloomberg shows that 19 out of the top 25 holders as of May 7 bought the memecoin using international exchanges. Sun is among the 25 considered VIPs and is scheduled for an exclusive reception before the main event.

Interestingly, a broader analysis of the investors that make the leaderboard shows that around 56% of the top 220 at the time are also foreign investors who bought the token via international exchanges.

With foreign investors accounting for a sizable number of invitees at the exclusive dinner, critics have echoed previous concerns that Trump family crypto ties constitute a conflict of interest, as foreign interests could use these means to engage the President unofficially while he enriches himself.

TRUMP is up 6% despite the announcement of dinner invites

Meanwhile, TRUMP memecoin has gained almost 6% in the last 24 hours, beating expectations that it would crash once the eligibility period for the dinner invite ends. With its performance today, the token is trading at $13.25, up 64% in the past 30 days.

However, its recent performance might be due to the broader market gains led by Bitcoin, and it could lead into selling pressure now that there is no incentive attached to holding the token.

Some holders, especially those who are not in the top 220, are more likely to sell. One such holder is Nasdaq-listed logistics company Freight Technologies, which spent $2 million buying TRUMP tokens using convertible notes.

Its CEO, Javier Selgas, stated it was a strategic purchase that would allow the company to “champion fair and free trade across the US-Mexico border.” However, it failed to make the top 220, finishing at the 275th spot.

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