Trump Family Profits $100M in $TRUMP Coin Trading Fees
Trump Coin turned a couple of early buyers into millionaires whereas leaving most others with large losses. On January 17, simply minutes after Donald Trump introduced the launch of the $TRUMP cryptocurrency, an early purchaser scooped up almost 6 million tokens at simply 18 cents every.
Inside two days, that transfer turned right into a jaw-dropping $109 million revenue. However as costs surged to $75 earlier than crashing again to $17, over 810,000 buyers collectively misplaced greater than $2 billion.
Based on a forensic evaluation by Chainalysis, early holders wasted no time cashing out, leaving latecomers to take the hit. Specialists evaluate it to traditional pump-and-dump schemes, during which veteran merchants bid up costs and money out earlier than regular buyers are left within the purple.
In the meantime, with strange buyers dropping their financial savings, the Trump household and its companions reportedly pocketed almost $100 million in buying and selling charges. Critics are notably alarmed given Trump’s strikes to loosen cryptocurrency laws.
Former SEC crypto adviser Corey Frayer accused Trump of engaging in “shady crypto schemes that hurt buyers” whereas placing regulators in place who might defend him from repercussions.
Pissed off buyers haven’t held again. Shawn M. Whitson from North Carolina, as soon as a proud supporter of the token, later referred to as $TRUMP a “joke” after watching his funding tank.
Vaibhav Jha, the Head Editor at The Crypto Instances, admitted he invested due to the hype however now regrets it. He says, “Now I’m working into losses, and I’ve been instructed that Trump has made some huge cash from the token.”
He additionally added, “All I can want now’s that he spends my cash effectively.”
A pseudonymous crypto dealer managing hundreds of thousands had a blunt take: “Trump launched this token when memecoin hype was at peak and I don’t assume he’ll make any point out relating to it sooner or later. TRUMP is not any totally different than most memecoin which dies after preliminary launching days.”
The fast rise and fall of the Trump Coin is yet one more cautionary story about celebrity-backed cryptocurrencies. For many retail buyers, the subsequent query is, are these digital belongings definitely worth the threat?
Additionally Learn: Crypto Trader Loses $21M After Profiting from TRUMP Memecoin
