An Official Trump TRUMP/USD holder said he secured a place at the upcoming exclusive dinner with President Donald Trump for a mere $1,200, according to a report on Wednesday.
What Happened: Cryptocurrency enthusiast Morten Christensen and his group were among the top 220 holders of Trump’s memecoin, according to a leaderboard tracking the cryptocurrency’s biggest buyers over the last three weeks. The dinner, scheduled for next week, required at least $54,500 in time-weighted holdings to secure a spot, Fortune said in a report.
However, Christensen and his friends managed to attend the event for just about $1,200 each. Their strategy involved buying the Trump memecoin and shorting the exact same amount, resulting in a market-neutral position. This basically meant that they spent only on trading fees.
They sold their Trump tokens and closed their short positions immediately after the dinner’s winners were announced on Monday. A post on Christensen’s X account showed a snippet of the mail invitation he received from the memecoin team.
See Also: Crypto.com Suspends These Withdrawals, Deposits On Solana Chain
Christensen stated that they originally ignored the gala dinner notice, believing it would be very competitive. However, they later developed a software program to monitor leaderboard changes and predict the holdings amount needed to secure a top 220 placement.
Benzinga reached out to Christensen for additional information, and the story will be updated if he responds.
Why It Matters: The Trump memecoin dinner has been a topic of significant controversy, with critics arguing that it allows wealthy and possibly foreign actors to buy access to the former president.
Last month, Democratic lawmaker Sen. Jon Ossoff (D-Ga.) called for Trump’s impeachment, while Sen. Elizabeth Warren (D-Mass.) requested an investigation into his potential violation of federal ethics regulations.
The dinner’s guest list, revealed earlier this week, included wallets linked to foreign entities. Tron TRX/USD founder Justin Sun is speculated to be the biggest holder, with investments worth over $17 million.
Price Action: At the time of writing, TRUMP was exchanging hands at $12.81, down 6.21 in the last 24 hours, according to data from Benzinga Pro. Since its peak, the meme coin has plunged 82%.
Photo Courtesy: Kirill Aleksandrovich On Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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