Rumors circulating online suggested that holders of the Official Trump (TRUMP) memecoin needed at least $300,000 worth of tokens to attend an exclusive dinner with former US President Donald Trump. The Trump memecoin team has officially denied these claims, clarifying the actual requirements for participation.
Key Takeaways:
- No $300,000 Requirement: The memecoin team refuted the rumor, stating there’s no fixed monetary threshold to join the dinner event.
- Leaderboard Based on Time-Weighted Holdings: Eligibility is primarily determined by a leaderboard that ranks holders based on a “time-weighted” score, considering both the amount of TRUMP held and the duration they were held. The longer you hold, the higher the score.
- Background Checks and KYC: Selected participants must undergo background checks and Know Your Customer (KYC) compliance measures.
Origin of the Rumor:
The $300,000 rumor originated from community members referencing a Solana blockchain explorer showing the 220th-largest holder of TRUMP with tokens worth over $400,000. However, the memecoin team clarified that this explorer data is misleading as it includes locked tokens, exchange holdings, and market maker accounts that are not considered for dinner eligibility.
“People have been incorrectly quoting #220 on the block explorer as the cutoff. That’s wrong because it includes things like locked tokens, exchanges, market makers, and those who are not participating. Instead, you should only be going off the leaderboard,” the team explained.
The Dinner Event:
Announced earlier, the dinner event aims to connect President Trump with prominent holders of the TRUMP memecoin. While the final guest list is still being finalized, the team emphasizes the importance of compliance and security measures for all attendees.
How Time-Weighted Holdings Work:
The time-weighted score is calculated based on two factors:
- Amount of Tokens Held: The number of TRUMP tokens in the holder’s wallet.
- Duration of Holding: How long the tokens have been held in the wallet.
The formula prioritizes long-term holders, giving them a higher score than those who recently purchased a large amount of tokens.
Current Leaderboard Status:
As of the latest update, the top holder on the leaderboard possesses over 1.1 million TRUMP tokens (worth around $14.6 million) but has a time-weighted score exceeding 686,000. Notably, some addresses with zero current TRUMP holdings remain eligible due to their past holding periods, highlighting the significance of the time-weighted score.
Implications for Memecoin Holders:
This clarification from the Trump memecoin team provides valuable insights into the criteria for participating in the dinner event. By focusing on time-weighted holdings and implementing background checks, the team aims to reward loyal community members and ensure a secure and compliant gathering.
The rise of memecoins:
The rise of memecoins has been a significant phenomenon in the cryptocurrency world, often driven by internet culture, humor, and community sentiment. Unlike traditional cryptocurrencies that aim to provide practical solutions or technological advancements, memecoins typically emerge as playful experiments, gaining traction through social media trends and viral marketing.
Conclusion:
The Trump memecoin dinner event continues to generate buzz within the crypto community. While the $300,000 rumor has been debunked, the focus on time-weighted holdings and compliance measures sets a precedent for future memecoin initiatives, emphasizing the importance of long-term community engagement and security within the space. By prioritizing loyal community members and ensuring security, the team behind the Trump meme coin sets a new standard for memecoins.
