Over 813,000 crypto investors lost $2 billion after purchasing the president's meme coin $Trump, while the Trump Organization and its partners made $100 million
A new cryptocurrency meme coin, $Trump, has attracted attention among crypto investors. However, recent research by Chainalysis reveals that while 813,000 crypto investors lost $2 billion after purchasing the coin, the Trump Organization and its partners made $100 million in commissions from these trades.
Initially, the value of the $Trump token rose rapidly, reaching $75 before falling to $16. Within three weeks of its launch, investors lost $20 for every dollar earned by the developers. A total of 813,294 wallets experienced losses from this venture.
While trading this token generated $100 million in commissions, the majority of these funds are yet to be withdrawn. Notably, the Trump meme coin was created to support Trump, but many traders endeavored to capitalize on it.
Interestingly, Donald Trump has voiced support for cryptocurrencies, even suggesting that all bitcoins be mined within the U.S. However, financial experts remain apprehensive about Trump's involvement in the speculative asset, with Baruch College branding $TRUMP a 'bubble'.
Furthermore, suspicions of a conflict of interest prompted a complaint to the U.S. Department of Justice and a statement from the former head of the Commodity Futures Trading Commission.
Among the primary holders of the meme coin are CIC Digital and Fight Fight Fight LLC.
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