Donald Trump’s Memecoin: A $350 Million Story
In the world of cryptocurrency, a new kind of token has appeared: memecoins. These coins often start as jokes or trends and have become popular. One of these is a memecoin linked to former U.S. President Donald Trump. Recently, it was found that this memecoin has made $350 million for its creators[1][2]. Let’s learn more about this amazing story.
The Trump Memecoin: How It Started
The Trump memecoin, officially called the TRUMP token, was created with 1 billion tokens. At first, 200 million were released, and the rest will be given out over the next three years[1]. This slow release helped it become successful at first.
How Much Money It Made
The TRUMP memecoin has made a lot of money. Reports say that those running it have earned at least $314 million from selling tokens and another $36 million from fees on the Solana blockchain[1][2]. This shows how much money memecoins can make, even with the ups and downs of the cryptocurrency market.
Who Owns the Memecoin
Two groups own 80% of the TRUMP tokens: CIC Digital, which is linked to the Trump Organization, and Fight Fight Fight from Delaware[1]. This means they could make a lot of money from this project.
Price Manipulation and Market Changes
Some people think the price of the TRUMP memecoin might be manipulated. For example, accounts linked to Trump sold 100 million tokens for less than $1.05 soon after it started. Then, they put $291 million back into the market to support the price[1][2].
Interest and Controversy
The success of the TRUMP memecoin has made many people interested and also caused some problems. It has inspired many similar tokens, and there are now over 700 of them[1]. Some people in the government want to stop officials and their families from making these tokens[1].
What’s Next for Memecoins
The story of Donald Trump’s memecoin shows how unpredictable the cryptocurrency market can be. While it has made a lot of money, it also raises questions about fairness and rules. As the crypto world changes, it will be interesting to see how memecoins like TRUMP handle these challenges and if they can stay popular.
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Sources:
– Cointelegraph
– Scottish Financial News
– Panews Lab
– ADVFN