A memecoin platform named Pump Fun successfully raised $600 million in just 12 minutes during its fundraising round, showcasing the growing interest and investment in cryptocurrency-based projects. The rapid influx of capital highlights the popularity and speculative nature of memecoins in the current market.

An announcement offering a VIP dinner with Donald Trump for top holders of the TRUMP memecoin triggered $2.4 billion in onchain transfers and a 200% increase in trading activity. The price of the token jumped 60% following the news, although trading volumes have since diminished.

President Trump is facing criticism over potential conflicts of interest related to his family's cryptocurrency ventures as he announces two fundraising dinners for TRUMP memecoin holders. Lawmakers have raised ethical concerns regarding these events, which promise exclusive access to the presidency in exchange for significant investments.