Fight Fight Fight LLC, which manages the TRUMP memecoin, has announced a new gala dinner with US President Donald Trump, to be held on November 22 at his golf club in Washington. The 185 largest token holders will be invited, with the final ranking depending on the size and duration of their positions ahead of the November tally. Meanwhile, TRUMP has fallen about 97% from its January peak, while World Liberty Financial, a company tied to the president's family, is expanding its crypto business through the USD1 stablecoin and regulated financial infrastructure.
US midterm elections for Congress will take place on November 3. The dinner will come after the vote, when attention to the president's crypto business will be shaped not only by the market but also by the political agenda.
Who Gets a Seat at Trump's Table
A ranking on the organizers' website determines who gets a seat. It factors in both the number of tokens and how long they are held, and it updates daily. The top 185 get an invitation to the event, the top 29 get access to a private reception, and the four largest holders receive Trump watches made of 18-karat gold. Participants are also promised a commemorative poster, TRUMP perfume and other gifts.
At the same time, according to published market estimates, entities tied to Trump control about 80% of the TRUMP supply.
The organizers describe the event as “an evening people will talk about forever.” Trump is listed as the main guest, with three people beside him whom the organizers call “legends” and have not yet named.
The website promises to reveal the names of three investors who will sit next to Trump. Source: gettrumpmemes.com
The ranking closes on November 12. The organizers count more than the number of tokens held at a given moment: the final result depends on how long they are held between October 5 and November 12. Attendees of the previous dinner get an additional bonus if they keep their tokens throughout the entire period.
This gala is already the third event of its kind. In May 2025, the 220 largest holders were invited to dine with Trump. Reuters estimated that participants spent about $148M on tokens that qualified them to attend. After the first dinner was announced, TRUMP jumped sharply but later gave up much of the gain. The second event, for 297 token holders, took place in April 2026.
TRUMP's Ups and Downs
The new announcement gave TRUMP a brief boost of about 9%, to $2.25, before the token slipped back to $2.06. The announcement of the previous dinner sparked a far stronger market reaction: within a day, the coin gained about 60%, to $4.43.
TRUMP has lost about 97% of its value since peaking at around $74 in January 2025. Reuters put the number of wallets that lost money after TRUMP's launch at roughly 600,000, with combined losses of nearly $3.9B.
TRUMP price performance over time. Source: CoinGecko
At the time of publication, TRUMP is trading at about $2.13, with a market capitalization of around $603M. On October 1, daily trading volume reached about $223M.
A $2.3B Crypto Empire
The TRUMP story is only part of the president's family crypto business. According to financial disclosures, Trump received more than $1.4B in 2025 from crypto projects tied to his family, including World Liberty Financial and the memecoin.
A June Reuters investigation estimates that the Trump family earned at least $2.3B from four crypto projects between November 2024 and the end of April 2026: World Liberty Financial, TRUMP, American Bitcoin and ALT5 Sigma, which is now called AI Financial Corp. By the agency's calculations, outside investors lost roughly the same amount.
(Trump family income and outside investors' results across crypto projects, January 2025–April 2026. Source: Reuters)
WLF brought in the most: over $1.4B from token sales. TRUMP accounts for about $616M. The agency found no evidence that the family put significant money of its own into these projects.
In July, Reuters enlisted digital asset specialists to analyze Donald Trump's financial disclosures.
Timothy Massad, former chairman of the US Commodity Futures Trading Commission, told the agency that the structure of the assets points to an effort by Trump to move crypto revenue into traditional financial instruments.
World Liberty Financial representative David Wachsman, on the other hand, told Reuters that the company is building its business with a long-term bet on digital technology in finance.
“We firmly believe that the future of financial services will be built on digital asset technology,” he said.
According to the Associated Press, World Liberty Financial alone brought in more than $500M from new crypto products, while CIC Digital LLC, the company behind Trump's memecoin, brought in more than $600M.
From Memecoin to a Bank of Its Own
World Liberty Financial looks less and less like a project built around a memecoin. The company is developing USD1, a stablecoin whose market capitalization reached about $4B by August, and it has received preliminary approval from the US Office of the Comptroller of the Currency to set up World Liberty Trust Company.
The new bank will not be able to accept regular deposits or make loans. Its job will be to issue and redeem USD1 and to hold digital assets under federal supervision. If the project passes every stage of licensing, World Liberty will have its own regulated infrastructure for core stablecoin operations.
Where UAE Money Meets Power
In January 2025, an entity tied to UAE National Security Adviser Tahnoon bin Zayed Al Nahyan invested $500M in World Liberty and received a 49% stake in the company.
Aryam Investment 1 deal, January 2025. Source: The Wall Street Journal
Another link runs through USD1: MGX, a fund tied to Tahnoon, used the stablecoin to transfer a $2B investment into Binance. Trump later pardoned the exchange's founder, Changpeng Zhao.
World Liberty Financial and the White House deny any link between the Trump family's commercial interests and the administration's decisions. Still, the mix of a presidential crypto business, foreign capital and access to regulated financial infrastructure has become one of the arguments critics raise in debates over new rules for the industry.
Regulatory Backdrop
The fate of the main US digital asset bill is closely tied to the Trump family's crypto business. On September 15, the Senate failed to advance the CLARITY Act: 50 senators voted to move the bill forward in the procedural vote, with 60 required. Four Republicans were among those who voted against.
Among the sticking points were restrictions on government officials who earn income from crypto assets. Democrats pushed to extend such restrictions to the president's family members as well, while Republicans insisted on a different version of the amendments. The bill ultimately failed to get the support it needed and remains on pause until further consideration.
Our Take
Strip away the marketing packaging, and TRUMP looks less and less like a utility token for the ecosystem projects of Trump and his administration and more like a loyalty token. In essence, you pay for access to the president himself, with unclear prospects and no clear answer to what standalone value the coin is supposed to create.
The mechanics of the current contest only confirm this. The organizers count not only the size of a position but also how long it is held: the more tokens you have and the longer you keep holding, the higher you climb on the public leaderboard and the closer you get to the president's table. That is already hard to explain through the utility of the asset itself.
Instead of developing that utility, TRUMP is increasingly becoming a set of perks for holders: dinners, VIP access, watches, perfume and other gifts. The mechanics are completely transparent, and the market understands them, yet it keeps buying such speculative stories.
The result is a fairly telling gap: while WLF builds full-scale financial infrastructure around USD1, TRUMP works more and more like a pass to Trump. A drop of about 97% from the all-time high, combined with sustained interest in such promotions, only magnifies that contrast.
The Memecoin Is Dead, Long Live the Dinner
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.
