Kyle Sandilands claims to have raked in a whopping $700,000 from Donald Trump’s cryptocurrency over the weekend

Sandilands, 53, said on-air this morning that he was sitting around on Saturday when he decided to make a financial investment, and it has already paid off.

Kyle Sandilands has claimed he made a staggering $700,000 from Donald Trump’s cryptocurrency over the weekend.

Sandilands, 53, said on-air this morning that he was sitting around on Saturday when he decided to make a financial investment, and it has already paid off.

“Let’s say two or three in the morning. Trump launched his $TRUMP coin. I jumped in with $10,000 and I’ve made $700,000” he said.

“By the time I woke up, I was $700,000 richer.”

Sandilands also said he hadn’t sold any of the cryptocurrency. So he hasn’t cashed out after making a massive profit.

The shock jock’s money admission was divided online with someone calling Sandilands, a “toss” who is always promoting how great he is,

Another demanded “proof” of his earnings while someone else claimed he probably made “nothing”.

One responded by saying “no one cares” how much he made on crypto, and similarly, someone claimed he hasn’t made a “cent” until he cashes out.

Someone else said “bogans” would regret jumping on the crypto trend, another said they’d feel “dirty” investing in it,

One said Mr Sandilands was a “fool” for investing in it.

Mr Trump launched his cryptocurrency over the weekend, a meme coin called $TRUMP, alongside his wife, Melania Trump, who launched her own meme coin, MELANIA.

On the official website, the meme coin is described as a “piece of history” and a chance to

celebrate a “leader that doesn’t back down”.

The coin is also described as a “fungible crypto asset,” which is another way to describe perhaps the most famous example of cryptocurrency, Bitcoin.

The coin came after Mr Trump claimed he plans to make America the “crypto capital of the planet,” and 200 million coins were released at launch, but with a three-year plan to supply over one billion.

The official website for the coin officers a disclaimer that Trump memes are intended to function as an “expression of support for engagement with ideals and beliefs” and are not intended to be or to be the subject of an “investment opportunity” contract or “security” of any type.

Investment expert Thomas Stelzer told news.com.au that the trading volumes for Trump’s meme coin are in the billions of dollars, but crypto is “very volatile”.

At the time of writing, $TRUMP was worth over $49 billion, but prices have dropped and surged throughout the day as traders buy and sell.

Mr Stelzer said that while he has bought meme coins in the past, he’d advise, “you’re not investing any money you don’t plan to lose”.

Mr Stelzer said that the value of Mr Trump’s meme coin can shift “within minutes or seconds”.

“That is the biggest difference from the traditional stock market cryptocurrency it trades all the time,” he said.

The financial expert said that it is “entirely possible” that Mr Sandilands made that much money from investing in the meme coin, but that $700,000 figure won’t stay stagnant.

“He could turn $10,000 to $700,000 but that $700,000 could become worth $300,000 or $1 million,” he said.

Mr Stelzer said Mr Sandilands runs the risk that if he decides to sell at the same time everyone else attempts to cash out, “prices plummet” because the market can’t always support that much movement.

Ultimately, Mr Stelzer said while the coin is worth “billions of dollars on paper”, it is also important to remember who owns the bulk of it.

“A Trump-affiliated company owns 80 per cent of $TRUMP tokens and will be able to sell them over the next 3 years,” he said.

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“Cryptocurrencies are extremely volatile investments, and this is especially true of meme coins like $TRUMP. While making money buying and selling cryptocurrencies is possible, it’s also possible to lose money.”

According to the financial comparison website Finder, one in six Aussies planned to invest in cryptocurrency by the end of 2024.

Most planned to allocate $500 or less to cryptocurrency in 2024, which is equivalent to a whopping $523 million across the country.