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At President Trump’s recent crypto dinner, a new meme coin was launched, but its trajectory quickly shifted from potential success to notable failure.
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This event, which attracted top-tier cryptocurrency investors, provided a backdrop for the launch, yet the coin’s performance raised serious concerns among traders.
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Citing a video shared by the attendee, concerns about the TOKEN’s supply distribution led to claims of deceit, with many participants labeling the deployer as a “scammer.”
This article explores the launch of the DINNER meme coin at Trump’s crypto dinner—highlighting its rapid rise and fall amidst significant concerns from investors.
The Launch and Initial Response to the DINNER Meme Coin
On Thursday, amidst an audience of influential cryptocurrency investors, the DINNER meme coin was launched. The creator decided to mint the token during President Trump’s speech, capturing the moment on video and sharing it in a Telegram group. The initial excitement resulted in a market cap peaking at $450,000, but the joy was short-lived.
Key Concerns Arising from the Token’s Launch
The excitement surrounding the launch quickly transitioned into skepticism. Two major issues were flagged by traders. Firstly, the deployer controlled nearly 10% of the total token supply, significantly exceeding the acceptable limit in the meme coin space. Secondly, the presence of 44% of tokens across various wallets raised alarms about centralized control, leading traders to believe that the deployer had an unfair advantage.
Community Backlash and Credibility Issues
Following the initial excitement, community backlash grew intense. As the price plunged, comments flooded the Pump.fun discussion board criticizing the deployer’s decisions. In response to growing discontent, the deployer attempted to appease the community by promising to send a portion of their tokens to the official TRUMP wallet but instead transferred them to their personal wallet, exacerbating user distrust.
Trading Patterns and Early Adopters
Despite the controversy, some traders profited early on. Reports highlight that the first investor bought DINNER shortly after the token’s launch, turning a $177 investment into over $3,600 in profit. This draw of early profits masked the broader issues surrounding the token, leading many to believe they could ride a profitable wave despite the evident risks.
Conclusion
In retrospect, the DINNER meme coin serves as a cautionary tale in the realm of cryptocurrency investments. With its market cap dwindling to a mere $14,350 after a staggering 92.5% drop, investors are left to reflect on the critical importance of due diligence. Clear takeaways include the necessity of scrutinizing coin control and distribution before committing funds, particularly in the inherently volatile meme coin market.
