Donald Trump’s new meme coin, aptly named $TRUMP, is taking the cryptocurrency world by storm. Since its launch, it’s already bringing in an amazing 2 million wallets so far! At the same time, for every investor who has enjoyed handsome returns, a multitude have incurred hefty losses. According to the data, 764,000 wallets are currently at a loss on their $TRUMP investments. This goes to show the unpredictable nature of the cryptocurrency.
Of the over 2 million wallets that have interacted with $TRUMP, only a handful have done so magically well. Fifty-eight wallets have each earned over $10 million, raking in about $1.1 billion in total profits from their investments. These radically different results emphasize the volatile and uncertain nature of cryptocurrency trading and investment.
Speculators interest in $TRUMP has exploded. This enthusiasm comes on the heels of the release of an invitation to an intimate fundraiser slated for May 22th at Trump National Golf Club in Washington, D.C. This event will feature a reception for the 25 wallets holding the largest balances of $TRUMP, along with a tour of the White House. The day after the event was announced, interest in $TRUMP increased by more than 50%. This is similar to what happened when an investors dinner with Donald Trump was announced.
As of today, over 100,000 new wallets have joined the $TRUMP market since April 15, proof that a steady stream of new investors haven’t stopped flocking to the asset. News of the dinner triggered a short squeeze, driving $TRUMP’s market capitalization to a peak of $2.7 billion. Since then, it has crawled back down to about $2.17 billion. In the aftermath of this volatile market return, more than 54,000 wallets have made $TRUMP purchases at the height of this rally period.
Despite this attention and engagement, a significant portion of $TRUMP’s total supply remains under control of the Trump Organization and affiliated entities. As it stands right now, only 20% of $TRUMP’s total supply is circulating. The other 80% is vested over a three-year schedule, so these coins won’t be accessible immediately. Insiders have agreed not to sell their allocated $TRUMP coins for several months, allowing them to continue earning substantial revenue from trading fees.
Since its launch, the $TRUMP project has racked up more than $324 million in trading fees. These fees have since been funneled into wallets associated with the project’s developers. The financial dynamics behind this cryptocurrency highlight the challenges of investing in today’s fast-paced, dynamic environment.