Donald Trump’s meme coin $TRUMP has been causing waves in the crypto space since all the way back in early October. Roughly 2 million different wallets have bought the token. Despite the gloomy picture for many, the data paints a different, more healthy portfolio, with 764,000 wallets currently in profit. Nonetheless, many traders have struck extraordinary riches with the coin.
Of all the contributors, 58 wallets have each raised more than $10 million from $TRUMP. Their combined wins have been nothing to sneeze at, totaling up to about $1.1 billion in gains. This dramatic divergence in fates underscores the extreme risk and volatility characteristic of meme coins. Our next $TRUMP event is planned for May 22 at Donald Trump’s Trump National Golf Club in Washington, D.C. This ceremony seeks to honor some of these highly successful individual investors.
The event will include a VIP reception for the top 25 wallets with the biggest balances of $TRUMP. Plus, attendees will get an insider’s tour of the White House-you can’t miss this! All these factors coupled with anticipation for this event has sparked a frenzy around $TRUMP. The project’s website claimed that the first 220 holders would win invitations to a black-tie-optional dinner with Donald Trump, sending speculation values up more than 50%.
In the short time since launching on April 15, the project has already onboarded over 100,000 new wallets to the crypto space buying their $TRUMP. On top of that, 54,000 new wallets have been created since the recent rally sparked by the dinner invite. However, despite these winnings, $TRUMP’s market cap did peak at $2.7 billion before pulling back to around $2.17 billion.
Its significant trading activity has produced huge profits for its developers. As a result, since January more than $324 million in trading fees has been directed to wallets associated with them. This sudden financial windfall underscores the huge upside potential that exists within the cryptocurrency market. It also raises questions about whether retail investors can realistically maintain those kinds of profits over time.
That means only 20% of $TRUMP’s total supply is in circulation right now. The Trump Organization and related entities still control the other 80%. This significant portion is locked under a three-year vesting schedule, indicating that insiders have agreed not to sell their allocations for several months. This unusual setup provides investors with near-term certainty. Even accepting the intent as good, it is setting a precedent for long-term market manipulation.
As interest keeps increasing and new retail investors push into the market, the future of $TRUMP is anyone’s guess. Egregious profits for the lucky few stand in stark relief to the enormous pain felt by the majority. This significant discrepancy poses major concerns regarding the long-term sustainability and authenticity of these meme coins.
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