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Traders who won tickets for a banquet with Donald Trump by taking part in a contest to buy a large number of presidential mimecoin could have earned millions of dollars, according to an analysis from the Financial Times.
The competition, announced on April 23, served dinner to those who held the maximum number of $Trump’s memo coins on designated windows in public crypto wallets. The contest helped push the token price from $9.26 to $15.33 when it was announced.
Many traders said their windows were closed on May 12th, and windows for dinner at Trump National Golf Club in Virginia began to move to the wall.
The FT has identified 16 of the 25 “VIP” accounts awarded seats in “an unforgettable gala dinner with the president,” “exclusive reception with your favorite president,” and VIP tour seats, with 16 of 16 “VIP” accounts that were awarded “they’ve got no Trump coins left in their public wallets. The event is scheduled to take place on May 22nd.
Trump has made Crypto a large part of his second presidency, aiming to loosen the rules of digital assets and drive industry growth. His family is also involved in a wide range of crypto ventures.
Trump’s tokens have no other purpose other than being a means of speculation. The owner of the account is unknown, but each gives the wallet a short nickname on the coin website.
Of the 25 VIPs, 22 began accumulating $ Trump after the contest was announced. Of these, five are sold at once, so you could have made a profit by participating in the contest. FT estimates suggest that these benefits could range from around $52,000 for an account known as “NACH” to the $2.6 million potentially created by “WOO.”
It is impossible to prove whether all transfers inside or outside the wallet are for sale or at a price that could be on sale. However, FT estimates the market costs of assembling and selling these portfolios by assuming that transactions involving wallets were made at market prices from the time they were transferred.
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The account known as “Woo” put a $1 million card token in his wallet just days before the contest worth $10 million was over. Then, if they were worth $13.3 million, they would dispose of them and the potential profit would be $2.6 million.
In contrast, the account known as “Gant” buried his wallet during the competition and then disposed of his holdings, but could have spent about $1 million on a day’s victory.
Three of the top 25 accounts were $Trump owners before the competition began. One of “Ogle” could have made $4 million from the $Trump deal, but that victory came before dinner announcement.
Another name “Sun” won about 1 million tokens before the competition. These included a single purchase of 800,000 coins at a price of $61.13. That’s well above the current level of $12.96. At current prices, the owner of this account could be sitting at a loss of $66 million.
However, as the largest owner of $Trump Coin over the duration of the contest, the owner of Sun will be one of four eligible participants for the free watch.
It is widely speculated in the Crypto community that the Sun account is associated with Justin Sun, Chinese crypto investor Justin Sun. In addition to the account name that links the Sun to your account, the wallet is tied to HTX, where he acts as an advisor.
Sun refused to ask the FT if it was his account.
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In addition to 25 VIP winners, a further 195 people have earned the right to participate in the “Gala Dinner.” FT analysis shows that 56 of the winners of these contests have emptied wallets they submitted as part of their entries.
The Trump organization did not respond to requests for comment.
