Trump memecoin gala dinner winners locked in with promise of background checks

President Donald Trump's official memecoin competition to decide who will be able to attend an exclusive dinner with the Commander in Chief has ended, and the 220 winners will be notified, the project said Monday.

"The first TRUMP Competition is officially over," the project posted to X . "If you were in the top 220 on the leaderboard, check the email you signed up with for details on the Dinner with President Trump as soon as possible. There will be background checks that need to be completed before your attendance is confirmed."

Since Trump's memecoin launched in January, it has experienced pronounced volatility, reaching an all-time high of $73 before sinking in dramatic fashion. TRUMP was changing hands at $12.63 as of 4:28 p.m. ET, according to The Block Price Page .

The memecoin has also been the subject of much criticism, especially after the project announced that the top 220 holders could win a chance to dine with President Trump. The gala dinner is scheduled to be held at Trump National Golf Club in Washington, D.C.

Along with Monday's announcement, the project said that holders who maintain their position would earn an NFT.

"For all those that hold the same amount of TRUMP at the dinner as on your final leaderboard number, you will also get a Trump Diamond Hand limited edition Trump Solana NFT. Very Special and Rare," the project posted.

"Buyers of U.S. President Donald Trump’s TRUMP memecoin spent an estimated $148 million in the contest to win the opportunity to dine with the president," according to a report from Reuters on Monday, which cited data from Inca Digital.  According to Chainalysis, 58 digital wallets that bought the memecoin made more than $10 million, with over $1 billion in total gains, while 764,000 wallets lost money, CNBC reported .

The official Trump memecoin was launched by Fight Fight Fight LLC. 

Last week, Senate Democrat Richard Blumenthal sent a letter to Fight Fight Fight LLC to say an inquiry had been launched "into potential conflicts of interest and violations of the law from President Trump's cryptocurrency ventures."