Author | Kaori

Editor | Sleepy.md

$8,000.

If you wanted to attend the banquet at Trump's Mar-a-Lago estate last weekend, you only needed to spend $8,000.

In January 2025, Trump issued a meme coin named after himself. Five months later, he announced that the top 220 coin holders could attend a dinner at his golf club. What started as a meme coin evolved into a ticket to see the U.S. President.

In March 2026, the TRUMP coin plummeted below $3, a 96% drop from its all-time high. However, Trump's team announced a second coin holder gathering. The event was scheduled for April 25th, with a total of 297 spots available.

A crypto fund manager named bigsong saw the business opportunity behind this banquet.

The Glass Ceiling of Scalping

bigsong, along with three partners, operates a crypto fund called Saucerful Labs, which usually engages in cyclical trading, DeFi yield farming, and quantitative arbitrage. Upon the announcement of the TRUMP coin dinner, his initial reaction was to short the coin. After the price surged 50% and then retraced, the short position became profitable.

However, while seeking reasons to close the short position, bigsong recalled an old story.

The previous year, one of his partners, luolan, had tried to participate in the 2025 dinner's coin holder ranking. After qualifying, he sold the entry right for $30,000. He shared this experience with the team, seeing it as an arbitrage opportunity across different circles.

"Everyone thought it was very difficult to be among the top 297 Trump coin holders," bigsong said, "but it wasn't as hard as people believed."

Trump's banquet team was led by his long-time business partner Bill Zanker. The top 297 chain addresses holders in terms of points would receive entry qualifications to the Mar-a-Lago banquet. Ranking was not based on the coin quantity held but on points. Each coin generated one point per hour, with the earlier and more coins deposited resulting in higher points.

Points were only counted for holdings in chain addresses and Robinhood accounts, not for coins held on other exchanges. This meant that the number of addresses truly competing for the ranking was much smaller than the total TRUMP coin holders. Additionally, since points were a function of time, early entry conferred a significant advantage.

After estimation, bigsong's team immediately held a project kickoff meeting. Their strategy was to borrow a portion of TRUMP tokens from a lending platform, while another portion was obtained through contract hedging to lock in the price risk. This way, they actually did not bear the risk of token price fluctuation, only paying the borrowing interest and hedging costs.

They used AI to write programs to monitor token price volatility and lending health factors to prevent liquidation. They wrote scripts to monitor any abnormal withdrawals from each wallet, analyzed the addresses of all on-chain competitors, their token holdings, and estimated scores, and established a real-time ranking dashboard. They even scanned social media every 24 hours, aggregating community discussions, media coverage, and official Twitter announcements.

During this time, the $TRUMP team delayed the score settlement time by four days, meaning more funds would flow into the scoring system. Some of bigsong's clients even ran to exchange their tokens for points to secure their spot due to this rule change.

This was not an isolated case; crypto investor Christensen purchased tokens on an exchange while shorting $TRUMP to hedge the risk, all with just a $500 investment.

This was a sophisticated production line, with the product being the qualification to meet the U.S. President. In the end, out of 297 slots, bigsong's team secured 40 slots.

They priced the entry ticket at $8,000.

If the production process was like an on-chain battle of a quant fund, then the sales process was like a multi-level marketing convention.

bigsong divided the sales into two phases. In the first phase, he first recruited super agents with social distribution capabilities. He provided them with scripts, promotional images, and even created a dedicated webpage for them. In the second phase, about five days before the registration deadline, he began promoting within the crypto community.

All 40 tickets were sold, with buyers ranging from international students studying in the U.S., socialites from Hong Kong and Taiwan, young entrepreneurs, and even family groups attending with their elders.

There was one person who, four months ago, had just taken photos outside the Mar-a-Lago estate and posted on social media, asking, "Who can take me inside to have a look?" Four months later, he found bigsong through a three-layer intermediary relationship.

"I really like my buyers," bigsong said. "They are basically all ambitious individuals, and I have helped these people achieve their wishes through my own abilities. Without a doubt, I should be the top scalper in the domestic market, selling the qualification to meet the president."

Selling the tickets does not mean the end of the business. Every buyer has to undergo a security review conducted by a third-party security company commissioned by the Secret Service and the Trump team. This process involves three-party cooperation, with the TRUMP Coin team responsible for confirming coin eligibility, the third-party security company conducting background checks, and the Mar-a-Lago Estate handling event organization.

bigsong's team has to individually handle the review process for each customer. The after-sales process consumes a great deal of the team's energy, with paperwork workload comparable to simultaneously applying to top universities for 40 prospective students. Upon passing the review, the customer is promptly notified; if not approved, the team starts supplementing materials and engages in back-and-forth communication.

Some people pay but suddenly decide not to attend, triggering the refund process. However, the intermediary fees have already been distributed to downstream agents and cannot be recovered. Some individuals purchased tickets through second- or even third-level distributors, making refund disputes extremely complicated within the nested distribution network.

"We completely underestimated the difficulty of after-sales," bigsong said. He is someone engaged in quantitative trading, accustomed to dealing with numbers. However, this business has drawn him into a traditional commercial world with upstream, midstream, and downstream participants, customer service, and dispute resolution.

However, from the official perspective, bigsong does not exist. His 40 clients appear on the review list under 40 completely unrelated individual identities.

The Most Unique Business Conference

April 25, 2026, Saturday. 297 of the top TRUMP Coin holders, or at least those recognized by the point-ranking system as top holders, gathered at the Mar-a-Lago Estate in Palm Beach, Florida, owned by Donald Trump.

The event was presented as a full-day encrypted business summit, with the organizer Fight Fight Fight LLC featuring a line on the promotional page stating, "The most unique crypto and business conference in the world."

Kathy Wood, also known as WoodSister, spent the entire afternoon engaging with attendees on-site, while boxing champion Mike Tyson delivered a keynote address followed by bestselling author Tony Robbins.

The CEO of stablecoin giant Tether, Paul Ardoino, who rarely appeared in public over the years, shook hands and chatted with coin holders on the lawn of the Mar-a-Lago Estate. Venture capital figure Tim Draper, a16z's Arianna Simpson, Upbit's founder Song Chi-hyung, and Anchorage Digital's CEO Nathan McCauley—the power structure of the crypto world was replicated within this private Palm Beach estate.

During the event, Trump delivered a 45-minute keynote speech. Just minutes before the speech began, he had canceled the U.S. negotiating team's trip to Pakistan for Iran peace talks.

He talked about the mainstream adoption of cryptocurrency, banks not should obstruct the legislative process for stablecoins, artificial intelligence, the Iran war, and even Trump-branded sneakers.

Throughout the speech, he never mentioned his meme coin even once.

Turbo, a student studying in the U.S. and involved in crypto investments at IOSG Ventures, was present at the event. The most memorable aspect for him was not the President, but Tony Robbins.

Robbins walked down from the stage, weaved between small round tables, and was only half a meter away from Turbo. He discussed AI, crypto, robots. When talking about crypto, Turbo felt that Robbins didn't actually understand it that well, but he delved slightly deeper into each field than the average person and not as deeply as a professional. This positioning happened to be the most influential.

"After many CEOs of major companies stop conducting frontline research, they sit down to listen to Robbins. Robbins talks to the most senior people in every industry and brings information to these CEOs; then he writes books to disseminate the information to the public. Best-selling author, resource integrator, top-notch speaker, these three roles are combined in one person. He is the best live speaker I have ever heard," Turbo said.

So Worth It

Sherry is one of the "super agents" in bigsong's words. She works in New York and sold six tickets this time, including one to an elder who has been living in the U.S. for many years.

She had never thought she would see Trump in the real world. "Since Trump was shot, security has become much tighter than before."

But Sherry did the math. Mar-a-Lago is a membership club, and the annual fee was $500,000 a few years ago. To join, you need a referral from an existing member. Even if you have a member take you out for a meal, it would cost thousands of dollars. Presenting $8,000 in front of the President, "so worth it!"

After the payment, the wait began.

The registration window was only three days. Ranking was locked on April 14th, and registration closed on the 17th. The information to fill out included name, date of birth, current address, nationality, and even social media accounts—LinkedIn, Instagram, and even Xiaohongshu.

However, out of her group of six, two people were slow to pass. With less than two days left until the event, no one had booked their flights yet.

“They really focus on social networks,” Sherry said. Some people are very powerful and wealthy, but their social accounts are not complete. “No matter how we communicate, send emails, it hasn't worked out.”

On the 23rd night, the last person's review finally passed. Sherry and her colleagues immediately booked flights and hotels from New York to Florida. It was the first time for all of them to come to Mar-a-Lago, the first time to see the U.S. President.

At 6:30 a.m. on the 25th, Sherry arrived early with six people, but two people did not receive the entrance QR code. The event started at 8 a.m., and Sherry negotiated with the organizers on-site for 30 minutes. She provided the names, everyone was in the system, staff checked IDs, verified them one by one, and finally obtained entry qualifications.

Bigsong and other customers also encountered the same issue. Sherry created a WeChat group before the event, gathering the Chinese faces on-site together. She told bigsong that those who did not receive the QR code were all brought over, to communicate with the organizers together.

“One person speaking to the organizers may not be taken seriously, but if a group of people speak together, it will be noticed and handled more quickly.”

This group later became the largest Chinese community at the event, with 90 people.

Bigsong was responsible for production and sales, while Sherry voluntarily took on the role of on-site organizer.

In this on-site group, someone would post real-time information, where Tyson appeared, where the WoodSister was, where to take good photos. She helped unfamiliar companions take group photos, guiding the way. Sherry ended up taking the most group photos throughout the venue.

Aside from the frenzy of taking photos with celebrities, people who, like Sherry, bought tickets to attend the event all believed that networking with these people was the most worthwhile thing.

Turbo observed that the people on-site were divided into three categories: some people just quietly sat and listened to the speeches, some occasionally socialized, and some enthusiastically sought out guests to chat and explore cooperation opportunities. “Everyone's purpose in coming here is different, some people just see it as entertainment, as a way to prove their identity.”

He also felt a cultural shock. The entire Palm Beach, Mar-a-Lago, and the Trump team exuded a vibe of “a very, very traditional white culture,” which was completely different from the Democratic Party events he attended in New York.

"Don't you think this is the top social stage for the new generation of young people?" Sherry's feeling was completely different. "We appeared in front of the president, in front of these investment tycoons. We are young faces. How could previous old immigrants have such an opportunity?"

Sherry posted on her social media about her participation in this event, and everyone highly approved. She said what everyone approved of was not this coin, but the appearance of these young Chinese people in such an event itself, their understanding of politics, interaction with the president, and their presence on the social stage.

Throughout the entire speech, Trump never mentioned his meme coin. Sherry found this not surprising. "If you are the owner of a coin, would you publicly shill it? CEOs of public companies can't shill their stock, let alone the president."

However, her judgment of the coin itself was different from her judgment of the event. "This coin itself has no value; all meme coins have no value."

So, what did she buy?

"The underlying things, social resources, and network connections," Sherry said. "Everyone buys into this coin; no need to say more. Everyone will think we are part of a circle. Besides, he can provide exclusive things. The event is at Mar-a-Lago, with some commercial resources that ordinary people cannot access."

After the Event

During the event, attendees received a bag of Trump-branded merchandise, including perfume, a red Fight Fight Fight watch, a commemorative trading card, and a poster. As soon as Sherry's watch photo was posted, it was reserved by an elder. "He said he must have it."

The organizers also launched the Trump Billionaire Club mobile game and a membership program called the $TRUMP Coin Club on-site, promising coin holders luxury boxes at top global sports events, private dinners, and the most elite, extraordinary experiences.

That same evening, Trump rushed back to Washington to attend the White House Correspondents' Dinner. Gunshots were heard at the event. Sherry jokingly said, "Many people got confused, thinking something happened at Mar-a-Lago, but no one came to show sympathy. Everyone only cared about how the president was doing."

Within hours after the event ended, the TRUMP coin fell by 14%, down to $2.56.

According to Forbes' estimates, as of April 2026, the transaction fees of the TRUMP coin had generated nearly $400 million in revenue for Trump-affiliated entities. The coin price had fallen by 96% from its peak, with his family entity controlling 80% of the coin's supply, but the money-making machine never stopped.

Analysis from Nansen indicates that the 297 attendees at this year's event collectively hold about $29 million worth of TRUMP coin, compared to a total of $148 million held by 220 attendees last year. The median VIP holding was $3.28 million last year, dropping to $539,000 this year, an 84% decrease. Many participants disposed of their holdings after the event window closed.

"Buyers from 2025 held after purchase, driving sustained growth," stated Nansen's report. The 2026 leaderboard event led to a short-term price surge, but this demand was not sustained.

Buyers are becoming more sophisticated, not investing in a single coin but purchasing an entry ticket instead.

Returning to bigsong's business, he applied a methodology of quantitative trading, grafting onto a traditional scalper distribution chain, transforming the act of "meeting the U.S. President" into a commoditized deliverable.

If you are from a traditional industry, how would you have the opportunity to meet the U.S. President?

"Either you are a figure with political influence, naturally eligible to meet him. Or you are a titan in a top-tier industry, obtaining a face-to-face opportunity through business relationships, charity galas, and policy advocacy. Alternatively, you attend a campaign rally, where the President stands on a distant stage delivering a speech, surrounded by a mass of people, of whom you are one. You do see him, but he is above, and you are below, the distance between you both is physical and structural," explained.

bigsong used this example to illustrate the value proposition of his business, while Sherry added the missing element of this business on the other side of the globe—organization and community.

"They also held an event last year, but after attending, everyone went their separate ways," Sherry said. She aims to sustain the community established this time, providing experience sharing and organizational support for the next event. "Future attendees will know that there is such an organization they can turn to for any event-related queries, unlike this time where we had to figure things out on our own."

Transforming the right to meet the President into an on-chain gamified experience is certain to attract individuals to engage in quantitative analysis, financial engineering, and multi-level distribution. bigsong and Sherry are just local distributors of this system in the Chinese market.

Trump's business partner, Zanker, mentioned that he aims to convince the President to hold an event every six months. bigsong may also introduce a "full-service package" next year, not only assisting ticket buyers in achieving a ranking but also aiding coin holders through security checks. In Sherry's group, individuals have already started booking tickets for next year. The supply side and demand side are synchronously upgrading, forming a complete industry chain from production and sales to after-sales and repurchase.

The individual behind all this saw their wealth triple over the past year.

Democratic Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal jointly wrote to Zuckerberg in early April, accusing the event of reflecting the President's willingness to use his position for personal gain, to which Zuckerberg did not respond.

Two hundred years ago, at Andrew Jackson's inauguration, twenty thousand people freely streamed into the White House to shake the President's hand, breaking china and crowding Jackson out the side entrance. Chief Justice Story of the Supreme Court penned a worried remark: "The reign of the mob seemed triumphant."

If he were to witness the scene at Mar-a-Lago in April 2026 with 297 tickets, an on-chain ranking system, an $8,000 black market price, a 90-person WeChat group, he would probably add: "The reign of the mob king has not disappeared; he has merely learned how to set prices."

Moreover, the king's pricing system has sprouted middlemen, agents, and private operators.

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