TRUMP, the official Solana meme coin of President Donald Trump, is deep in the red Thursday after skyrocketing in value Wednesday as crypto traders vied for an opportunity to attend an exclusive dinner for top holders.

The coin is down 18% over the last 24 hours to a current price of $11.81, according to data from CoinGecko, showing a substantial dive over the last day. The price fell to about $12 by the end of the day on Wednesday, and then has continued to hover above and below that mark so far on Thursday.

The price of TRUMP surged as high as $14.72 on Wednesday after the GetTrumpMemes team behind the token announced that the top 220 registered holders will be eligible to attend an exclusive dinner in Washington D.C. next month.

TRUMP holders must register on the official website and provide identifying information, along with connecting a wallet containing the tokens in question. Wednesday's peak was the highest price seen for Trump's meme coin since early March.

At its current price, TRUMP remains up 58% on the week, but has only risen 2% over the last 30 days. TRUMP is down 84% from its all-time high price above $73, set in January soon after the coin was surprised launched ahead of Trump's inauguration.

In addition to the dinner, the top 25 registered TRUMP token holders will be eligible for an "ultra-exclusive private VIP reception," according to the token's website.