US President Donald Trump's $TRUMP cryptocurrency surged over 60% on Wednesday after announcing an exclusive dinner with the President for top holders. The promotion offers the leading 220 investors access to a gala on 22 May at the Trump National Golf Club in Washington, DC, with the top 25 receiving a VIP reception, according to a recent Reuters report.

This marks Trump's latest crypto venture since declaring himself America's "first crypto president", states the report. His administration has moved to ease digital asset regulations while his family launches related businesses, including the World Liberty Financial exchange.

Government watchdog 'Accountable.US' slammed the offer as "a race to the bottom for presidential grifting", citing potential conflicts of interest, adds the report. White House Deputy Press Secretary Anna Kelly responded that Trump's assets are in a trust managed by his children, thus creating "no conflicts".  

The volatile meme coin, which has generated $350 million in fees for Trump-linked entities, according to blockchain data platform Chainalysis, recently avoided a price crash by delaying the release of 40 million tokens. The dinner terms note that Trump "may not be able to attend", offering an NFT alternative, further adds the report.