Trump to Host Memecoin Gala Amid Criticism and Impeachment Threats

TheCryptoTimesОпубліковано о 2025-05-05Востаннє оновлено о 2025-05-06

Анотація

The TRUMP memecoin, which launched in January, has been marketed to supporters as a digital asset tied to Trump’s brand. Since the announcement of the gala, critics have argued that it blurs the line between public duty and private business. Pro-crypto Senator Cynthia Lummis also voiced concern, saying the president offering exclusive access “gives [her] pause.”

U.S. President Donald Trump is planning to host a gala dinner on May 22 for top holders of his TRUMP memecoin.

According to a Truth Social post shared by the president, The event will take place in Washington, D.C., and includes a White House tour for select holders. The announcement has triggered strong reactions from lawmakers across both political parties. Meanwhile, Massachusetts Senator Elizabeth Warren and California Senator Adam Schiff have warned that the dinner offers private access to the presidency in exchange for financial investment. 
In a joint letter, they stated, “President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures.” Senator Jon Ossoff, speaking at a town hall on April 25, said the move is “an impeachable offense.”

The TRUMP memecoin, which launched in January, has been marketed to supporters as a digital asset tied to Trump’s brand. Since the announcement of the gala, critics have argued that it blurs the line between public duty and private business. Pro-crypto Senator Cynthia Lummis also voiced concern, saying the president offering exclusive access “gives [her] pause.”
On May 4, Senator Warren posted on X, formerly Twitter, that the Trump family’s stablecoin, USD1, surged in value after a deal with the United Arab Emirates. According to her, the investment was settled using USD1 and raised serious national security concerns. The deal, worth $2 billion, was made by Abu Dhabi’s MGX investment firm and announced by Eric Trump at a crypto conference in Dubai.


According to CoinMarketCap data, the market cap of USD1 jumped from under $137 million on May 1 to more than $2.1 billion on May 2. Critics pointed to the deal as evidence of foreign financial involvement with the sitting US president. Warren added, “The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.”
However, Eric Trump defended the crypto initiative panel discussion at Token2049 in Dubai. He said, “The US is seeing that the financial world has to progress… It doesn’t make sense.” A recent video clip shared by Warren showed Trump giving mixed answers when asked if he had made money from the memecoin. He replied, “I haven’t even looked.”

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Glassnode: Cryptocurrency Market Entering Late-Stage Consolidation Phase

Bitcoin has now been trading below the realized price and short-term holder cost basis for nearly five months, indicating a prolonged period of undervaluation. The market exhibits late-stage accumulation characteristics. Long-term holders (LTHs) are the primary source of sell-side pressure, with their realized losses reaching a daily peak of $280 million, the highest since December 2022, and accounting for 43% of total on-chain realized losses. A sustained decline in this LTH selling is a crucial prerequisite for a meaningful reversal. Spot ETF flows, while moderating from June peaks, remain in a state of monthly net outflows. Daily trading volumes have collapsed roughly 80% from the October 2025 highs, reflecting weak institutional demand and lack of confidence. Derivatives markets show a cautious tilt towards bullishness, with the put/call ratio hitting a 2026 low and funding rates neutral. However, the options volatility skew remains in "put premium," indicating persistent demand for downside protection, even as the absolute cost of that protection has declined. The spot price currently trades approximately 6% below the $66,000 max pain level. In summary, key conditions for a market bottom are in place, including sustained undervaluation and significant LTH capitulation. However, definitive signals for a transition to a bull market—namely, a sustained drop in LTH realized losses, stabilization of ETF fund flows, and price reclaiming key on-chain cost bases—are not yet confirmed. The market is in the late stages of basing, awaiting these catalysts for a sustained recovery.

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Glassnode: Cryptocurrency Market Entering Late-Stage Consolidation Phase

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