Trump Hosts Crypto Contest Winners Amid Token's Decline

US President Donald Trump has hosted a gathering for winners of his second annual meme coin contest at Mar-a-Lago, his luxury resort in Palm Beach, Florida. The event, which took place on Saturday, brought together the top buyers of his $TRUMP cryptocurrency, despite the token's value plummeting more than 95% from its peak last year.

The gala, billed as the 'most exclusive' crypto and business conference in the world, was attended by the president himself, who gave a keynote address. The event also featured a special VIP reception and champagne toast for the top 29 winners. However, Trump's appearance at the gathering was not open to the public.

According to blockchain data, among the top $TRUMP wallets is one linked to crypto billionaire Justin Sun, who finished first in the contest for the second consecutive year. The event has raised concerns about potential conflicts of interest, as the Trump family has profited from crypto ventures while the president shapes US crypto policy.