The $TRUMP Meme Coin reportedly generated between $86 million and $100 million in trading fees

The overall value of the crypto coin launched by President Donald Trump slumped by two-thirds after reaching a peak of $14.5 billion

A meme coin dubbed $TRUMP reportedly generated between $86 million and $100 million in trading fees as of Thursday (Jan. 30).

Meanwhile, the overall value of the crypto coin launched by former President Donald Trump slumped by two-thirds after reaching a peak of $14.5 billion on Jan. 19, the day before his inauguration, according to a Reuters report on Monday (Feb. 3).

At least 50 investors made profits of over $10 million each on the $TRUMP coin, while some 200,000 crypto wallets lost money on it on the crypto exchange where the coins were first sold, the report said.

It is not known if any of these fees accrued to Trump personally, according to the report. As Trump entered the White House, he pledged to place his assets in a trust overseen by his children.

His son, Eric Trump, told Reuters that he is proud of what The Trump Organization has accomplished in crypto.

“We are just getting started,” he said, according to the report.

Trump also has investments in two decentralized finance (DeFi) projects and a series of non-fungible tokens (NFTs), the report said.

Like other meme coins, the $TRUMP coin has little practical use but was intended to serve as an expression of support for Trump, according to the report.

It was reported on Jan. 19 that when promoting the meme coin, Trump told supporters to “Have fun!” and that the website selling the tokens said they are designed to be expressions of support, not an investment opportunity.

After the market value surged ahead of Trump's inauguration, it fell by as much as 60% after he failed to mention digital assets during his inaugural address, as crypto markets had expected him to do.

It was reported on Jan. 29 that websites selling products with Trump’s brand had begun accepting the $TRUMP meme coin as payment.

The effort to get people to pay for Trump-branded watches, sneakers and fragrances with the Trump token is part of an ongoing attempt to encourage crypto users to see the digital coins as an online payment tool.

While some people have used dollar-pegged stablecoins for transactions, cryptocurrencies that have a fluctuating value have yet to catch on as a method of payment.