Donald Trump’s official meme coin, $TRUMP, is shaking up the entire cryptocurrency market. It has brought in an astounding 2 million wallets! Yet for all this interest, real data shows that about 764,000 of those wallets have been financially harmed. The very different fortunes serve as a reminder of the risky, speculative nature of the entire cryptocurrency market and what can happen when coins are linked to high-profile individuals.
Since it launched, $TRUMP has reached a remarkable level of trading activity. Following a recent announcement promising a black-tie-optional dinner with Donald Trump for the top 220 holders, interest spiked by over 50%. This clever promo scheme did effectively onboard 100,000 new wallets—54,000 of which have bought $TRUMP since the GOP rally started. Those advances have not been shared by all. It’s true that many investors have made consequential money, but most of us have not come out so lucky.
Of the 2 million wallets that have interacted with $TRUMP, just 58 have reached Podium-level success. Together, these wallets have earned more than $10 million each, with a combined $1.1 billion in profits for the three wallets. Conversely, most investors, nearly 98 percent, lost money, demonstrating the high-risk nature of investing in meme-driven cryptocurrencies.
At its all-time high, the market cap for $TRUMP increased to an unbelievable $2.7 billion. Since then, it has pulled back to just under $2.17 billion. Even with this drop, trading activity continues to be very strong. Since January, over $324 million in trading fees have been funneled to wallets associated with the project’s founders. This has led to anger and embarrassment over the concentration of wealth within the project. Right now, only 20% of $TRUMP’s total supply has been released.
According to the Trump Organization – with no evidence provided – the remaining 80% is kept by the Trump Organization and related entities on a three-year vesting schedule. Specifically, insiders have promised not to sell their allocations for at least six months. This determination allows them to reap millions of dollars in revenue as everyday investors suffer through their losses.
The biggest holders of $TRUMP will receive special prizes including admission to an invite-only event. Hope to see you on May 22 on Donald Trump’s Donald National Golf Club in Washington, D.C.! Come raise a glass to the traders making up the top 25 wallets with the biggest $TRUMP balances! After that, we’ll have a thrilling behind-the-scenes visit to the White House. Such high-profile forums are guaranteed to stoke even more speculation and investment in the coin.
The alternating luck of $TRUMP investors serves as a reminder that cryptocurrency markets are always volatile. Even though the early movers have enjoyed substantial returns, most investors are facing dramatic losses in their investments. This added uncertainty serves as a deterrent to the very investors that the U.S. Safe sailing through the choppy waters of the meme coin crypto-verse.
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