The once-flying Trump meme coin has crashed, costing buyers billions of {dollars}. The so-called “Official Trump” coin, which as soon as shot as much as $75 per token, is at the moment solely value $16.00. Based on grapevines, US President Donald Trump and his buddies bought away with a fortune, whereas common merchants suffered a extreme blow.
Early Birds Made A Fortune
A number of early merchants loved staggering income, in accordance with statistics from Nansen and Chainalysis. Simply hours earlier than its formal launch, one nameless account apparently bought $1.1 million value of $TRUMP cash. After promoting these for $50 million, the identical pockets carried on buying and selling, finally making an unimaginable $109 million in whole positive aspects.
One other dealer who purchased in simply two minutes after launch walked away with almost $3 million. In whole, greater than 30 early birds amassed an astonishing $670 million in positive aspects inside days.
In the meantime, a a lot bigger group of buyers wasn’t so fortunate. Knowledge reveals that over 813,000 wallets—possible retail merchants and Trump supporters—both offered at a loss or are nonetheless holding cash which have misplaced most of their worth. Collectively, these buyers are observing an estimated $2 billion in paper losses.
Carried out with this $Trump crap.
Bought all of it, what a joke!
— Shawn Whitson (@ShawnWhitson) January 31, 2025
It’s gonna go to five$
— Professor Oak 🍎 🌳 (@My_name_is_L69) February 1, 2025
Trump’s Alleged $100 Million Payday
The New York Occasions studies that the Trump household and their companions raked in almost $100 million in buying and selling charges. What’s extra, most of that cash hasn’t even been cashed out but. The timing of the coin’s launch—simply three days earlier than Trump took workplace—raises eyebrows, particularly given his affect over cryptocurrency laws.
Critics argue that this presents a transparent battle of curiosity, whereas supporters see it as simply one other Trump-branded enterprise enterprise.
The Trump marketing campaign hasn’t commented on the allegations of insider buying and selling, however political and monetary analysts alike are scrutinizing the implications. Figures like SkyBridge founder Anthony Scaramucci and crypto investigator Stephen Findeisen (Coffeezilla) have already slammed the challenge as a textbook “pump-and-dump” scheme.
Supporters Left Empty-Handed
A lot of Trump’s personal followers had been among the many greatest losers within the $TRUMP token’s downfall. One instance is Shawn Whitson, a small enterprise proprietor from North Carolina. On Inauguration Day, he posted enthusiastically about each Trump’s return to the White Home and his funding within the coin. Weeks later, his tune modified. “Carried out with this $TRUMP crap,” he wrote, calling the complete challenge a joke.
Whereas the Trump household faces criticism, they seem unfazed. They lately introduced the launch of TruthFi, a monetary platform geared toward being a “non-woke” different for buyers. Whether or not the MAGA neighborhood will rally behind this new enterprise stays to be seen, however for now, 1000’s of buyers are licking their wounds from the collapse of the Trump meme coin.
Featured picture from Reuters, chart from TradingView
