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| Trump crypto soars as US president offers dinner to top holders | Trump crypto soars as US president offers dinner to top holders |
| (about 1 hour later) | |
| The meme coin is one of several crypto-related ventures launched by businesses linked to Trump | The meme coin is one of several crypto-related ventures launched by businesses linked to Trump |
| The price of Donald Trump's cryptocurrency has soared after the US president promised to host two special events for its top investors. | The price of Donald Trump's cryptocurrency has soared after the US president promised to host two special events for its top investors. |
| The website for the $Trump meme coin says its 220 biggest holders will be invited to a private gala dinner with the president on 22 May, describing it as the "most EXCLUSIVE INVITATION in the world." | The website for the $Trump meme coin says its 220 biggest holders will be invited to a private gala dinner with the president on 22 May, describing it as the "most EXCLUSIVE INVITATION in the world." |
| According to crypto trading platform Coinbase, $Trump jumped by more than 70% after the announcement. But it remains well below the record high of more than $74 (£42.40) reached shortly after its launch in January. | According to crypto trading platform Coinbase, $Trump jumped by more than 70% after the announcement. But it remains well below the record high of more than $74 (£42.40) reached shortly after its launch in January. |
| The digital currency is one of several crypto-related ventures launched by businesses linked to Trump, who has called himself the "crypto president". | The digital currency is one of several crypto-related ventures launched by businesses linked to Trump, who has called himself the "crypto president". |
| As well as the gala dinner, which will be held at the Trump National Golf Club in Washington DC, there will be "an ultra-exclusive private VIP reception with the President" for the top 25 coin holders, the coin's website said. | As well as the gala dinner, which will be held at the Trump National Golf Club in Washington DC, there will be "an ultra-exclusive private VIP reception with the President" for the top 25 coin holders, the coin's website said. |
| Trump tokens in circulation are currently worth a total of around $2.5bn. They were first released just days before his inauguration on 20 January. | Trump tokens in circulation are currently worth a total of around $2.5bn. They were first released just days before his inauguration on 20 January. |
| The move was criticised by several people in the crypto industry, with some calling it "a stunt". | The move was criticised by several people in the crypto industry, with some calling it "a stunt". |
| The invitation on the meme coin's website | |
| First lady Melania Trump also launched a cryptocurrency on the eve of the inauguration. | |
| Meme coins are often used by speculators to make money or to allow fans to show support to a celebrity or moment in internet culture. | Meme coins are often used by speculators to make money or to allow fans to show support to a celebrity or moment in internet culture. |
| Shortly after returning to the White House this year, Trump signed an executive order to create a presidential working group tasked with proposing new crypto laws and regulations. | Shortly after returning to the White House this year, Trump signed an executive order to create a presidential working group tasked with proposing new crypto laws and regulations. |
| He has also signed an order to create a Strategic Bitcoin Reserve as well as a Digital Asset Stockpile, which will include other digital currencies. | He has also signed an order to create a Strategic Bitcoin Reserve as well as a Digital Asset Stockpile, which will include other digital currencies. |
| Those funds will be stocked with coins forfeited to the federal government as part of criminal or civil proceedings. | Those funds will be stocked with coins forfeited to the federal government as part of criminal or civil proceedings. |
| This week, Trump's media company announced plans to launch exchange traded-funds (ETFs). | |
| The financial products to be launched by Trump Media & Technology Group, owner of the Truth Social platform, and its partners will include digital assets as well as stocks with a "Made in America focus". | |
| ETFs are investment funds that hold multiple assets. They can be bought and sold in a similar way to shares. |
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