The price of President Donald Trump's meme coin plunged 16% as of Friday morning, just hours after he hosted a black-tie gala at his Virginia golf club for its biggest buyers — an elite crowd that spent a combined $148 million on the token for the chance to be there. It was billed as "the most exclusive invitation in the world." Among the 220 attendees were crypto influencers, industry executives like Sandy Carter of Unstoppable Domains, and former NBA star Lamar Odom, who used the occasion to praise Trump as "the greatest president" and promote his own token, $ODOM. The top 25 wallets were promised a private reception and guided tour. Others, like 25-year-old Nicholas Pinto — whose dad drove him to the event in his Lamborghini — left underwhelmed and still hungry. "The food sucked," Pinto said. "Wasn't given any drinks other than water or Trump's wine. I don't drink, so I had water. My glass was only filled once." Trump made only a brief appearance. "He didn't talk to any of the 220 guests — maybe the top 25," Pinto said. All in, the president was there for 23 minutes, Pinto said. Trump delivered a brief address re-hashing old crypto talking points, then he left on a helicopter before taking any questions or pictures with his meme coin contest winners. Phones weren't locked in RFID pouches, and security was lax, according to Pinto. "Once Trump left, they didn't really worry about anything else," Pinto added. The opulence was on full display. "Richard Mille watches weren't even rare," Pinto said. "I saw at least 16 people wearing them. I never see that unless I'm at a high-end restaurant in Miami or Dubai." But the vibe was more muted than expected, he said: "Lots of people didn't even hold the coin anymore. They were checking their phones during dinner to see if the price moved." CNBC has reached out to Trump representatives for comment on the dinner and attendees.