In the crypto world, meme coins are mostly just jokes with no intrinsic value. But the Trump family is parlaying the president’s meme coin into two valuable commodities: serious cash and access to the president.

Since the coin was launched earlier this year, it has generated more than $320 million in fees for its creators, according to the blockchain analysis firm Chainalysis. And on Monday, Trump promoted a dinner he’s set to attend on May 22 that’s open to almost anyone who buys enough of the coins.

According to the contest’s rules, the top 220 holders of the meme coin will get to go to the dinner at Trump’s Washington-area golf club. The top 25 holders will also get to attend a reception where they can rub shoulders with Trump beforehand.

“Let the President know how many $TRUMP coins YOU own!” the meme coin said on its website promoting the dinner.

Trading activity in the meme coin jumped after the dinner was first announced and the price rose as well. But the Trumps don’t need to sell any coins to make money.

Decentralization is foundational to cryptocurrency. Bitcoin, the world’s most popular crypto, was born in the wake of the 2008 financial crisis as a digital currency meant to be uncontrolled by banks or governments.

Trump meme coins can be traded on a decentralized exchange, which is essentially a place where traders can swap goods without a middleman.

Instead of matching buyers and sellers one by one, decentralized exchanges use something called a liquidity pool to ensure trades can happen easily and instantly. Liquidity pools are essentially an automated pot of funds that pair meme coins like $TRUMP with more popular types of crypto that can be easily traded.

When the Trump meme coin was first launched, its creators initially released 20% of the planned 1 billion total coins. Half of that 20% was put up for public sale while the other half was put into a liquidity pool. CIC Digital, an affiliate of the Trump Organization, and another company receive “trading revenue derived from trading activities” of the Trump meme coins, according to its website.

Through the liquidity pool, the creators of Trump’s meme coins make money by charging tiny fees on each trade.

“You don’t really care about what happens to the price. You only care that there is continuous volume,” said Nicolai Søndergaard, a research analyst at the blockchain analytics firm Nansen. “Because the more volume there is, that means more trades and therefore more fees for you.”

Since cryptocurrency blockchains are public, it’s possible to track how much in trading fees has been paid. Chainalysis said Trump meme coin creators made more than $1.3 million in trading fees in the week after the dinner was first announced. The value of the meme coin jumped from about $9 to around $14 just after the announcement. It was trading around $11 on Monday afternoon.

Launched just before he took office, Trump’s meme coin has become one of the most high-profile ways the norm-breaking president has mixed politics and his personal finances.

The remaining 80% of Trump’s meme coins, which are still under a lock-up, have been allocated to CIC Digital and another company. An ethics agreement prohibits Trump from “day-to-day” decision making at the Trump Organization when he’s president and limits the financial information about the business that can be shared with him.

During an interview with NBC’s “Meet the Press” over the weekend, Trump said he didn’t follow the price swings of his meme coin and dismissed the idea that he was profiting from the presidency. He also rejected a suggestion that he would forgo any profits made from his crypto endeavors.

“Should I contribute all of my real estate that I’ve owned for many years if it goes up a little bit because I’m president and doing a good job? I don’t think so,” Trump said.

The team behind Trump’s meme coins has been aggressively trying to promote the chance to eat with the president.

“Good News! President Trump is allowing one more person to attend Dinner with Trump,” the meme coin’s official account on X said last week, encouraging people to reply with memes featuring Trump. “Our favorite $TRUMP memes will be shown to President Trump and we will pick 1 person who gets to come to the dinner on May 22nd!”

The creators have also tried to up the ante by offering $100,000 Trump-themed watches to the top four holders of Trump’s meme coins.

On Monday night, Trump hosted a closed-door “Crypto & AI Innovators Dinner” fundraiser sponsored by his MAGA Inc. super PAC at his golf club outside Washington. An invitation to the event that circulated online instructs those invited to pay $1.5 million per person to attend. The White House did not provide a list of attendees, though the super PAC eventually will be required to list donors in its regular public disclosures.

Whether the public will ever know who bought their way into the meme coin dinner with the president is unclear, though. Unlike political donations that must be publicly reported, there’s no disclosure requirement for meme coin buyers.

Critics of Trump’s foray into meme coins, which includes several Democrats, say the pseudonymous nature of cryptocurrency gives bad actors the opportunity to try and unduly influence the president through purchasing his digital assets.

The Trump meme coin website assures those who register for the contest that their full legal name and contact information will “never be publicly shown.”

Instead, registrants pick a username that’s displayed on the website’s leaderboard. The ranking is dependent not just on how many Trump meme coins someone holds, but also on how long.

After No. 220, the board has a note of encouragement for those just below the cut to buy more of the meme coins.

“You’re so close. FIGHT FIGHT FIGHT for your $TRUMP dinner.”

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Associated Press reporter Will Weissert contributed.

President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

The industry, which felt unfairly targeted by the Biden administration and spent heavily to help Trump win, is eager for the new president’s help to make crypto a bigger part of mainstream financial systems. Trump has promised a lighter regulatory touch and picked pro-crypto officials for key government positions.

The price of bitcoin and other digital assets has soared since Trump won. A lavish “Crypto Ball” Friday ahead of Trump’s inauguration sold tickets for thousands of dollars and featured a performance by the rapper Snoop Dogg.

But as that party was ongoing, Trump announced on social media he was offering his very own cryptocurrency in the form of a meme coin. The move dampened the mood for many in the crypto community.

“I really was kind of bummed out when I saw it,” said Tom Schmidt, a partner at a crypto venture capital firm Dragonfly. “It just felt very grifty and cheap.”

Some crypto fans even joked on social media they missed Gary Gensler, the recently departed chairman of the Securities and Exchange Commission who was viewed as the Biden administration’s chief crypto antagonist thanks to the SEC’s aggressive enforcement actions against crypto companies.

Meme coins are among the wilder and more unregulated corners of the crypto universe. They often start as a joke with no real value but can surge in price if enough people are willing to buy them. Popular meme coins include Dogecoin, whose mascot is a dog, and Fartcoin. Scammers have tried to pump up the price of certain meme coins before dumping them on unsavvy investors.

Some crypto enthusiasts hailed the Trump meme coin’s release and eager buyers drove up the price of the coin to above $70 each. The price fell dramatically on Sunday after First Lady Melania Trump announced the launch of her own meme coin, which also saw an initial price spike followed by a large fall. As of Tuesday afternoon, Trump’s meme coin was trading at about $45 while the Melania meme coin was at about $4.

Trump named SEC Commissioner Mark Uyeda as the agency’s acting chief Tuesday and Uyeda quickly announced he was launching a new crypto task force to set the SEC on a “sensible regulatory path.” Trump has promised to create a U.S. bitcoin stockpile and enact industry-friendly rules that make it easier for crypto companies to access the broader financial market.

But by associating himself so closely with meme coins, some crypto fans worry that Trump hurts his ability to enact reforms.

“Now, on the cusp of getting some liberalization of crypto regulations in this country, the main thing people are thinking about crypto is, “Oh, it’s just a casino for these meme coins,’” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures. “It does the opposite of validating us, it makes it look completely unserious.”

The sale of Trump meme coins was organized by CIC Digital, an affiliate of the Trump Organization. In promoting the meme coin, Trump told supporters to “Have Fun!” The website selling the tokens says they are meant as expressions of support and not an investment opportunity. The coin’s website said 200 million Trump meme coins are currently available, with plans to issue 1 billion over the next three years.

The Trump family business recently released an ethics agreement that prohibits Trump from “day-to-day” decision making at the Trump Organization when he’s president and limits financial information about the business shared with him.

The president and first lady were not the only ones promoting new cryptocurrencies around the inauguration. Lorenzo Sewell, the Michigan pastor who gave a spirited inaugural invocation Monday, announced the launch of a new coin named after him, which he said would be used to benefit his church.

“I need you to do me a favor right now, I need to you to go buy the official Lorenzo Sewell coin,” Sewell said in a video post on social media.