A behind-the-scenes look at Trump's meme-only event, with tickets costing $8,000, makes me realize this is a completely new business model.

Last year's event had 220 attendees, but this year there are 297 slots. It's billed as a dinner for top holders, but in reality, it's decided by a points ranking system. In other words, early entry and holding period matter more than the amount held. A quantitative fund called Bigson, which spotted this, combined borrowing and hedging to secure 40 slots at low cost. They fixed the price fluctuation risk and essentially gained access rights through just interest and hedge costs.

The sales strategy is also interesting. A super-agent named Sherry sold six tickets to the Chinese community. She works in New York and organized 90 Chinese participants via WeChat groups. Considering the Mar-a-Lago membership system, the opportunity to meet the U.S. president for $8,000 is almost impossible traditionally. Even members paying $500k annually spend thousands just for a meal.

On the event day, Trump gave a 45-minute speech but didn’t mention his coin at all. Sherry considered this normal. “Even CEOs of public companies can't recommend buying their own stock, so the president wouldn't do it,” she said.

But here’s the interesting point: what participants truly wanted wasn’t the coin but social connections and status. Networking with industry giants like Cathy Wood, Mike Tyson, and Tony Robbins. Sherry’s group shared real-time information at the venue, securing the best photo spots and tracking the whereabouts of celebrities. This is now the pinnacle of business networking.

However, the subsequent developments were tough. After the event, Trump coin’s price dropped 14% to $2.43. According to Nansen data, the median holdings of VIPs decreased from $3.28 million last year to $539,000 this year—an 84% decline. Many sold after acquiring their access rights. Buyers in 2025 held on expecting price increases, but the 2026 points ranking only created temporary demand. The market is cooling down.

From a business perspective, a perfect industry chain has been formed: production (point earning), sales (ticket sales), after-sales (identity verification), repeat purchases (next year’s event reservations). Zankel is persuading Trump to hold events every six months. Bigson is also considering a “guaranteed pass package” for next year.

Forbes estimates that Trump-related organizations have earned nearly $400 million in fees. Although 80% of the coin supply is controlled by the Trump family, this money-making system shows no signs of stopping.

This is a perfect fusion of quantitative analysis, financial engineering, and multi-level marketing. The world I thought was meme-only has actually transformed into an advanced commercial system.