The Trump Meme Coin’s Crash: A Tale of Fortunes Made and Lost
The Rise and Fall of a $75 Token
The once-flying Trump meme coin has crashed, leaving investors with significant losses. The so-called “Official Trump” coin, which once shot up to $75 per token, is currently worth $16.00. The incident has sparked outrage, with many questioning the ethics of the coin’s launch and the profits made by President Trump and his associates.
Early Birds Made a Fortune
A few early traders enjoyed staggering profits, according to statistics from Nansen and Chainalysis. Just hours before its formal launch, one anonymous account purchased $1.1 million worth of $TRUMP coins. After selling those for $50 million, the same wallet carried on trading, eventually making an incredible $109 million in total gains.
Another trader who bought in just two minutes after launch walked away with nearly $3 million. In total, more than 30 early birds amassed an astonishing $670 million in gains within days.
The Losers: Over 813,000 Investors
Meanwhile, a much larger group of investors wasn’t so lucky. Data shows that over 813,000 wallets—likely retail traders and Trump supporters—either sold at a loss or are still holding coins that have lost most of their value. Collectively, these investors are staring at an estimated $2 billion in paper losses.
Trump’s Alleged $100 Million Payday
The New York Times reports that the Trump family and their partners raked in nearly $100 million in trading fees. What’s more, most of that money hasn’t even been cashed out yet. The timing of the coin’s launch—just three days before Trump took office—raises eyebrows, especially given his influence over cryptocurrency regulations.
Critics argue that this presents a clear conflict of interest, while supporters see it as just another Trump-branded business venture.
Supporters Left Empty-Handed
Many of Trump’s own followers were among the biggest losers in the $TRUMP token’s downfall. One example is Shawn Whitson, a small business owner from North Carolina. On Inauguration Day, he posted enthusiastically about both Trump’s return to the White House and his investment in the coin. Weeks later, his tune changed. “Done with this $TRUMP crap,” he wrote, calling the entire project a joke.
Conclusion
The Trump meme coin’s collapse serves as a stark reminder of the risks and unpredictability of the cryptocurrency market. While some individuals made a fortune, many more lost out. The controversy surrounding the coin’s launch and the profits made by President Trump and his associates will likely continue to spark debate and scrutiny.
FAQs
- What happened to the Trump meme coin? The coin’s value crashed from $75 per token to $16.00, leaving investors with significant losses.
- How much money did early birds make? More than 30 early traders amassed an astonishing $670 million in gains within days, with one trader making $109 million in total gains.
- How many investors lost money? Over 813,000 wallets, likely retail traders and Trump supporters, sold at a loss or are still holding coins that have lost most of their value, with estimated losses of $2 billion.
- Did President Trump profit from the coin? Yes, according to reports, the Trump family and their partners made nearly $100 million in trading fees.
