Trump-linked cryptocurrency speculation: Could another meme-inspired coin be on the horizon?
Hey there! Let's dive into the latest buzz surrounding the infamous meme coin, Donald Trump's very own creation on the Solana blockchain. Known as Trump-9.83%, or OFFICIAL TRUMP (TRUMP) as officially labeled, this digital token has sparked quite a stir among the top 220 holders, eagerly waiting for an invitation to a swanky dinner with the former president himself.
The TRUMP coin initially soared to an impressive $75 back when Trump took office, but then dipped down to a more modest $12.32. Yet, the lure of exclusive perks, including a glitzy gala dinner and an invitation-only VIP bash on May 22 at Trump's prestigious country club, has reignited interest – and drama.
Apparently, the winning wallets are selected based on time-weighted holdings between April 23 and May 12, with the top 220 wallets representing a whopping $160 million in these holdings. The Seychelles-based exchange HTX, linked to advisor Justin Sun, is on top of the leaderboard, boasting $18 million in holdings.
This coin currently boasts a market cap of around $2.74 billion, with entities tied to the Trump family controlling a hefty 80% of the remaining supply. Since its launch, these entities have reeled in over $320 million in fees.
Rumors have been swirling that Truth Social, owned by Trump Media & Technology Group, might be launching another meme coin, similar to the official one. This would not be the first time for coins bearing Trump and his family's names to enter the market, with the TRUMP and MELANIA meme coins making their debut in January.
While the Trump Organization maintains that the former president's assets are managed by his children through a trust, critics claim the coin poses ethical concerns. Senator Chris Murphy labeled it "the single most corrupt act ever committed by a president," due to the potential of anonymous foreign donors buying influence.
Investors with deep pockets have made a killing, raking in over $1.5 billion – $48 million since the dinner announcement. However, the average investor has fared quite poorly, with around 600,000 wallets reporting cumulative losses of a staggering $3.87 billion – many of whom bought on secondary markets.
With all the buzz and controversy surrounding the TRUMP coin, it's essential to remember that meme coins like this one are often attached to political intrigue, hype, and speculation. Proceed with caution if you decide to dive in!
- Investors are eagerly awaiting an exclusive invitation to a gala dinner with Donald Trump, which is associated with the wallets holding the most Trump-9.83% (TRUMP) tokens.
- The TRUMP coin, initially worth $75, has a market cap of around $2.74 billion and is currently boasting a significant market value due to the exclusive perks offered.
- The Seychelles-based exchange HTX, linked to advisor Justin Sun, leads the leaderboard with $18 million in TRUMP token holdings.
- There are rumors circulating about Truth Social, owned by Trump Media & Technology Group, launching another meme coin similar to the official TRUMP coin, which would not be the first time for coins bearing the Trump family's names to enter the crypto market.
- Despite the Trump Organization claiming that the former president's assets are managed by his children through a trust, the TRUMP coin raises concerns about political corruption due to the potential influence of anonymous foreign donors.
