Trump's crypto pep talk can't stop his memecoin's deep slide

WASHINGTON - Donald Trump's renewed pledge to support the U.S. crypto industry's growth fell short of rekindling appetite for his own memecoin, with $TRUMP falling 14% on Saturday even as the president addressed some of the token's biggest holders.

During his closed-door remarks Saturday in Florida, Trump reiterated his support for a bill that aims to govern the industry, according to two attendees and recordings provided to Bloomberg. The 45-minute keynote speech, which took place minutes after he canceled U.S. envoys' trip to Pakistan for Iran peace talks, also touched on topics such as artificial intelligence, the Iran war and Trump-branded sneakers.

"From the top of mind, he didn't mention his memecoin a single time," said attendee Morten Christensen, who runs AirdropAlert.com.

Trump has embraced cryptocurrencies and his family has broadly expanded its business portfolio to include digital assets, including a stablecoin and Bitcoin mining. After his return to the White House, he signed a federal bill regulating stablecoins - a step that many industry saw as a sign the Republican president will help pave the way for the broader acceptance and usage for top tokens.

The Trump family has generated hundreds of millions of dollars from its crypto ventures including the $TRUMP memecoin - launched a few days before Trump took office - and World Liberty Financial Inc., which has issued two coins. The president's 2025 financial disclosures reported more than $57 million from World Liberty token sales alone.

In his speech, Trump reiterated support for passing the crypto market-structure legislation known as the Clarity Act, which has stalled in Congress. Crypto companies such as Coinbase Global Inc. and the banking industry have struggled to reach a compromise on the bill, slowing the administration's digital-assets policy agenda.

The event at Mar-a-Lago featured Tether Chief Executive Officer Paolo Ardoino, billionaire Tim Draper and Cathie Wood of ARK Investment Management. It was organized by the Trump memecoin's issuer, Fight Fight Fight LLC, which is run by Trump promoter Bill Zanker.

The top 297 qualifying holders of the Trump memecoin got access to the conference and a gala luncheon. The lead 29 attendees got to attend a reception with the president beforehand, though his appearance there was brief.

Calling the attendees "some of the most successful people in the world," Trump on Saturday reiterated his support for the crypto industry, though stopping short of calling the U.S. the crypto capital of the world, as in previous speeches.

"The crypto industry was created in America, its growth has been led by America, and its future will be made in America and other countries," Trump said.

Notably absent was billionaire Justin Sun. An account under his name held the No. 1 spot on the leaderboard for Trump's remarks, but Sun confirmed to Bloomberg that he didn't attend.

Sun has been locked in a dispute with World Liberty Financial and sued the company this month, accusing the Trumps' venture of extortion.

The event's attendees received swag such as Trump-branded fragrances and watches. They lunched on steak and seafood before listening to Trump's keynote at the event, marketed as "the most exclusive crypto & business conference in the world!"

Fight Fight Fight unveiled its new "Trump Billionaires Club" game at the event. In the game, which was previously expected to be released by the end of December, players try to grow their empire by buying and growing businesses, acquire digital collectibles and use Trump memecoin. The game is now expected to launch in May.

Fight Fight Fight also also announced "$Trump Coin Club," described as "invitation-only luxury suites at the biggest sporting events in the world, private dinners, and the most elite and extraordinary experiences."

Like last year, the competition to attend a Trump event temporarily boosted the memecoin's price. It rose 56% on the contest's announcement in March before dropping again, per CoinGecko. It fell 14%, to $2.56, on Saturday, according to the tracker.

The memecoin is down nearly 47% this year and more than 90% from its peak in the days before the president's inauguration last year, according to CoinGecko.

(María Paula Mijares Torres contributed to this report.)

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