Trump is running a new contest that rewards the biggest buyers of his memecoin with dinner access and prizes — good for him and his insiders, bad for the small investors buying in.

• Buying the most Trump coin over the next two months earns a seat at a dinner with Trump, with gold watches and other branded swag for the top handful.
• The fine print rules out private meetings, and the last version of this dinner left big buyers unimpressed after Trump appeared briefly.
• Trump has pulled over $1 billion from his crypto ventures while small holders have piled up $4.7 billion in paper losses.
• The winners are a tiny group: a few dozen people made millions while 750,000 Americans lost money, pointing to insiders who got in early and sold high.
• Good-government critics call it an unprecedented conflict of interest, since the money goes straight to a sitting president rather than a campaign.

Outlook: The contest runs through mid-November and is likely to keep drawing money from loyal supporters, with no sign anyone will stop it.