The official Trump Meme Coin is currently hovering for around $16.50. This is far from the $75 peak. Whether insiders have won cash or traders have become robust, one thing is certain.
Trump's family and various partners have rake in close to $100 million in transaction fees, according to The New York Times. What do you guess? Most of them have not yet been cashed out.
Remember how Trump fired the coin three days before he took office. It appears that a new source of income is one of his presidential priorities.
The Make-America-Great-Again supporters accepted. At least it was another way Trump monetised the MAGA brand. Just like he did with hats, NFTS, defi platforms, sneakers, the Bible.
After all, the meme coin, which cuts total market capitalization by $100 billion, operates in all markets where many investors and insiders raise prices before bailouts and leave Latte Secomer in Zilch.
Celebrities who attach themselves to the launch of these coins (i.e., the Tuah girl and Andrew Tate) are often scrutinized for this type of activity. The same goes for Trump's family. However, the president's support for the “official Trump” token, as reported by Axios, attracted many first-time crypto buyers. And as president, Trump is in a position to change regulatory surveillance on cryptocurrencies in the way he thinks it is appropriate.
Trump critics naturally call it a conflict of interest, but those who really feel the pain are Trump supporters.
Take Sean M. Whitson, owner of a small business in North Carolina. On the day of the inauguration he was excited: “Today, we will take back our country!” He celebrated and posted on both Trump and his $Trump investment. Fast forward a few weeks and reality began.
Some of the most prominent voices in the Crypto community, including Skybridge founders Anthony Scaramucci and Stephen Findeisen (aka Coffezilla), almost immediately recognized Trump as being the classic pump and dump glyft. It's a big player buy-in, hype it, then cash out – small investors lend to financial ruin.
At present, there is no difficult evidence that Trump or his peers manipulated the official Trump price.
However, the Times shared data from Nansen, with Chain Olisis and researcher Molly White pointing to at least one account that bought $1,096,109 million on Trump three hours before Trump began the coin .
The anonymous account dumped coins and made a profit of $50 million, said Aurely Valterele, analyst at Nansen.
Subsequent sales increased profits to $109 million, White told The Times.
And another trader who started buying $Trump just two minutes after Trump was released won $2.7 million.
For those who maintain their score: 700,000 wallets you get with a playing card token. A real winner? 31 early traders raised $669 million in profits in just a few days.
But if there is a winner, there are 813,294 less unsettling wallets. In the first 19 days of the transaction, these people either lost and cashed out, or held their coins while they were attracting attention. Collectively, they are sitting in a $2 billion punch in their gut, taking into account how much the coin has plummeted in value.
Trump's family hasn't let the memecoin backlash derail other business ventures while working. They recently announced Truthfi, an investment platform aimed at becoming a “competitive alternative to awakened funds.”
