Trump-linked tokens plunge 90% as gala perks, loans draw scrutiny

The TRUMP token, a Solana-based meme cryptocurrency, has fallen about 90% from a January 2025 high above $73 to roughly $2.83. Data showed the token reached a record low near $2.73 last month. WLFI has dropped more than 19% this week and is down nearly 75% from a September 2025 peak near $0.31.

Market participants linked WLFI’s recent decline to strains from multi-million-dollar self-collateralized loans on the Dolomite lending platform. Those loan positions have been cited by traders as a factor that can amplify price moves for the token.

Project organizers announced a Conference & Gala Luncheon at Mar-a-Lago on April 25 for top TRUMP token holders. Organizers described invitations as limited to the top 297 qualifying token holders. They listed 29 attendees as VIPs eligible for a private Mar-a-Lago tour and named 18 participants as “Superstars,” including Donald Trump.

Senators Elizabeth Warren, Richard Blumenthal and Adam Schiff wrote to Bill Zanker, the individual behind the token launch, requesting clarification on the gala’s purpose and whether the event amounts to preferential access to the president. The senators asked for details on how invitations were allocated and what attendees could expect.

Professor Tonya Evans, founder and CEO of Advantage Evans Global Regulatory Strategies, criticized the token operations in a public statement, writing, “We thought Sam Bankman-Fried or Gary Gensler were the worst things for the crypto industry, and they were terrible. But it turns out it was someone who surrounds himself with yes-men, takes every bit of value for himself, and quickly bankrupts companies and casinos without facing any consequences.”

Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth & Investment Management, warned that introducing the coins around the inauguration period and the subsequent surge in meme tokens reduced trust in the sector. He added, “celebrity-backed meme coins often turn out to be scams or appear like one; either way, regular investors end up losing money while celebrities profit.”

Organizers defended the luncheon as an exclusive experience for holders and did not provide further financial details about token mechanics or loans tied to WLFI. Market participants noted that concentrated ownership and on-chain loan structures can magnify price moves and lead to rapid inflows followed by sharp reversals.

Regulatory and congressional scrutiny is ongoing as lawmakers seek more information and investors reassess exposure to celebrity-backed crypto projects. Trading remained volatile as market participants awaited further disclosures.