California Gov. Gavin Newsom (D) said on Thursday that President Donald Trump is selling access to the White House following the announcement of yet another gala dinner for Official Trump (CRYPTO: TRUMP) holders.
Newsom Slams Trump
The dinner is scheduled for Nov. 22 at Trump National Golf Club in Washington, D.C. Invitations are being extended to the top 185 memecoin holders, with VIP access limited to the top 29.
“Trump’s corruption is SICK. He is selling access to the White House,” Newsom reacted.
He pointed to the new legislation he signed that bars California public officials from issuing meme coins. The Governor’s office described the move as the “opposite” of what Trump did with his official memecoin.
The White House didn’t immediately return Benzinga’s request for comment.
Another Pump Before Dump?
Trump is expected to attend as a featured speaker alongside three unnamed “legends,” with qualification based on time-weighted holdings, meaning both the amount held and how long it’s held count toward the ranking.
Historically, these announcements trigger a surge in TRUMP, followed by a sharp sell-off once the event ends.
The memecoin reached a market capitalization of nearly $15 billion shortly after its launch, before collapsing 97% to $581 million as of this writing.
Nearly 1 million people lost money on TRUMP, racking up $3.8 billion in losses through the end of June. Trump, however, continued to turn a profit, taking in $635 million in royalties from the memecoin last year.
Price Action: As of this writing, TRUMP is down 4.9% in the last 24 hours to $2.06, according to Benzinga Pro.
Image via Shutterstock/ Sheila Fitzgerald
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