Georgia Democratic Sen. John Ossoff said President Donald Trump's invitation to the top meme coin holder constitutes a “mutual-enabled crime.” Responding to questions from attendees at Friday's Town Hall meeting, Ossov said:
“He gives an audience to those who buy Memecoin that enriches him directly.”
Ossov mentioned the gala dinner invitation announced on Wednesday for Trump Memocoin's 220 top holders.
Ossov said the move was “selling access to what is an effective payment,” and it was “direct” to Trump. So it definitely “surges to the level of perm-eachable crime, and the reality is that it's just one of many things,” he added.
Only three US presidents have been fired each by Congress. President Trump was each two times in his first term. This is the only president to face two bullets each.
The blast-each process requires the House of Representatives to begin an official blast-each investigation. If approved by the House Judiciary Committee, the article on the blast each will be sent to the full House, and a simple majority vote can each blast the president. However, removal from the office requires two-thirds of the guilty vote in the Senate trial.
Trump acquitted both times in the Senate trial after his bounce each. The US president has never left office.
So Ossov said he is working to secure votes for each ammo, but that's a difficult task as Republicans control the Senate.
How Trump wins Meme Coin Holders from Invitation
According to Trump's Mimecoin official website, the top 220 owners of Trump will be invited to a gala dinner with the president on May 22nd. Touted as “the most exclusive invitation in the world,” the dinner will be held at a club in Washington, DC, with only Trump members.
The top $25 Trump holders will have access to “exclusive reception” before the dinner party, along with the VIP tour. Trump is talking about the “future of crypto” at dinner, the website says.
Approximately 80% of the official Trump Memo Coin supply, which began on January 17th, is owned by two companies, CIC Digital LLC and Fight Fight LLC. The companies are part of a conglomerate owned by Trump.
According to Tokenomics, the above Trump-related companies provided 10% of their supply to the liquidity pool. This means that these companies act as market makers, ensuring liquidity and fulfilling transactions. The service charges 0.1% to 10% of each transaction depending on market demand.
Therefore, Trump is indirectly profiting from the volume of traded rather than his Memecoin price. Nathan Van Der Heyden, Head of Business Development at Crypto Firm Aragon, told Wired:
“If you have coins and control the production and fees you incur in the market, what you care about isn't the price itself, but the movement of volume and price.”
In February, Reuters reported that by January 30, Trump-related entities had won trading fees of between $86 million and $100 million. Trump's price, which reached around $75 on January 19, fell 64% to $27 during the same period. This meant that Trump-related companies had won large fees and small traders lost their money.
Van der Heiden said:
“The optics of profiting from selling your own coins is awful, and profiting from market production is opaque enough to protect your reputation.”
$Trump Memecoin Trading Frenzy after Dinner Invitation
The opportunity to have dinner with the US President is a powerful motivation to buy Memocoin. Traders can register to access the hourly leaderboard and see their ranks, but their identity remains hidden behind the wallet address.
The dinner invitation caused a Trump trade frenzy on Wednesday, pushing the price up to about $14.50, up over 50%, according to data from Cryptoslate. At the time of writing, Memecoin was trading at $15.72, down more than 79% from an all-time high.
As van der Hayden said, the Trump affiliated figure behind Memocoin generates income from trading fees. According to Wired, Trump-related businesses are the biggest contributors to the Trump liquidity pool, which raised $1.6 million in fees 24 hours after Trump's dinner was announced.
The future of $ Trump's prices
Blockchain analytics firm Nansen believes that a smart money trader with a proven track record of profitability, or experienced trader, used a price surge to withdraw his position from $Trump on Wednesday. In fact, “more people have had the opportunity to offload their card tokens than new buyers have come in,” Nansen said.
“It still looks like they're interested in trading $Trump — either a) to secure dinner tickets or b) to take advantage of price volatility.”
However, the long-term outlook for $Trump's price is tough, with crypto analyst Noel Acheson saying that a “slump” in price has been wired “very likely.”
Trump's invitation sparked widespread criticism
Ossov isn't just criticising Trump's dinner for his memo coin holder. Senator Chris Murphy of Connecticut wrote about X:
“Trump Coin fraud is the bravest corrupt thing the president has ever done.”
Many believe there is a conflict of interest if Trump benefits financially from his policies and decisions. Some have pointed out that invitations can be used by individuals seeking to access Trump. In a statement, Tony Carrk, US executive director of Accountable.us, a nonpartisan advocacy group, said:
“The president is openly engaging investors to engage in a bid war over those who can buy him the most access, laughing all the way to the bank.”
Carrk added that Trump's invitation clearly shows that he is abusing his inauguration position to put money in his pocket.
Earlier this week, Senator Elizabeth Warren and Adam Schiff wrote to the U.S. Government Ethics Office to launch an “urgent investigation” on Trump's dinner announcement. They wrote that dinner invitations pose a “serious risk” that Trump and others could engage in “corruption” and “paying.”
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