PALM BEACH, Fla. — U.S. President Donald Trump hosted winners of his second annual meme coin contest Saturday at his Mar-a-Lago club in Palm Beach, Fla., offering top buyers of his $TRUMP cryptocurrency an audience with him even as the token’s value plunged more than 95% from its peak last year.

The gala took place as scrutiny of the Trump family’s broader crypto ventures intensified, with Democratic leaders calling for investigations.

The 297 largest $TRUMP token holders who registered for the contest attended a gathering that Trump billed as the “most exclusive” crypto and business conference in the…