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President Donald Trump’s private dinner for top meme coin holders is less than a week away, and the rankings are filled with crypto wallets that are effectively anonymous.
On May 22, the first $220 Trump holder was invited to have dinner with the president at the Virginia Golf Club outside Washington, D.C., event announced last month that Talley closed Monday night.
The nature of the pseudonym wallet raises questions about the true identity and motivation of the token’s largest holders who bought seats on the table with the U.S. president.
CNBC reviews documents from blockchain analytics firm Inca Digital, which shows that the first $275 Trump token holders send and receive tokens. Many people are closely associated with international exchanges like Binance, which does not serve American customers, suggesting they may not be U.S. citizens.
A Bloomberg analysis shows that 19 of the top 25 wallets are almost certainly owned by people outside the United States
Justin Sun publicly shared that he bought $75 million worth of Trump's Family World Free Token (a digital coin) with 75% of the proceeds going to Trump-related entities - believed to be the top of Trump's meme tag rankings.
Born in China, Sun is the crypto entrepreneur behind the Tron blockchain and is negotiating with the SEC to resolve allegations of civil fraud.
Currently, a wallet called Sun holds more than $18 million worth of Trump, buying $4.5 million after the dinner game was announced, Bloomberg reported.
Multiple reports indicate that the wallet is tied to the founder of Tron. Sun representative did not respond to CNBC's request for comment, nor did he confirm that Sun was the wallet owner.
Memecore, a Singapore-based crypto network, seeks to gain a spot at Trump dinner, ranking second with a $18 million investment. Australian crypto entrepreneurs also reportedly lay off employees.
Rankings point to extreme fluctuations in tokens.
The Inca numbers tell CNBC that while 560,376 wallets made $5.2 billion in real gains on Trump tokens, the larger volume (592,962 wallets) lost a total of $3.9 billion.
These figures highlight the massive transfer of wealth in Trump’s crypto ecosystem, where early buyers see unexpected gains while most people suffer.
Two leading blockchain analytics companies, Chainalysis and Elliptic, initially tracked the movement and transaction fees of Trump tokens. But after CNBC published a story about the number of crypto wallets that lost on meme coins, the companies said they were so busy with existing customers that they could not continue to perform blockchain analysis of the president’s own branded meme tags.
Senator Richard Blumenthal, a member of the Senate Subcommittee Investigation Subcommittee, warned that the Trump family’s growing cryptocurrency holders could be a backdoor to seeking contact with the president’s foreign and corporate interests.
According to the press release, Freight Technologies, a Houston-based logistics company that trades on Nasdaq stocks with a market cap of more than $2.3 million, bought $2 million worth of Trump tokens to influence U.S.-Mexico trade policy. CEO Javier Selgas described the move as a strategic effort to "champion and free trade" on the U.S.-Mexico border.
Freight technology is completed in 250th place, lacking the cuts for dinner.