The once-flying Trump meme coin has crashed, costing traders 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 price $16.00. According to grapevines, US President Donald Trump and his pals bought away with a fortune, whereas common merchants suffered a extreme blow.
Early Birds Made A Fortune
A number of early traders loved staggering income, in line with statistics from Nansen and Chainalysis. Just hours earlier than its formal launch, one nameless account apparently bought $1.1 million price of $TRUMP cash. After promoting these for $50 million, the identical pockets carried on buying and selling, finally making an unbelievable $109 million in complete good points.
Another dealer who purchased in simply two minutes after launch walked away with practically $3 million. In complete, greater than 30 early birds amassed an astonishing $670 million in good points inside days.
Meanwhile, a a lot bigger group of traders wasn’t so fortunate. Data exhibits that over 813,000 wallets—probably retail merchants and Trump supporters—both offered at a loss or are nonetheless holding cash which have misplaced most of their worth. Collectively, these traders are looking at an estimated $2 billion in paper losses.
Done with this $Trump crap.
Sold all of it, what a joke!
— Shawn Whitson (@ShawnWhitson) January 31, 2025
It’s gonna go to five$
— Professor Oak 🍎 🌳 (@My_name_is_L69) February 1, 2025
Trump’s Alleged $100 Million Payday
The New York Times reports that the Trump household and their companions raked in practically $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 venture as a textbook “pump-and-dump” scheme.
Supporters Left Empty-Handed
Many of Trump’s personal followers have 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 House and his funding within the coin. Weeks later, his tune modified. “Done with this $TRUMP crap,” he wrote, calling the whole venture a joke.
While the Trump household faces criticism, they seem unfazed. They lately introduced the launch of TruthFi, a monetary platform geared toward being a “non-woke” various for traders. Whether the MAGA neighborhood will rally behind this new enterprise stays to be seen, however for now, hundreds of traders are licking their wounds from the collapse of the Trump meme coin.
Featured picture from Reuters, chart from TradingView
