President Donald Trump’s cryptocurrency $TRUMP has been called a “conflict of interest,” a “constitutional crisis,” and blatant “corruption.”
However, for 58 cryptocurrency wallets, Trump’s memecoin has been quite profitable, according to CNBC.
This week, CNBC shared data from blockchain analytics firm Chainalysis, which states that 58 cryptocurrency wallets have made more than $10 million from investing in the $TRUMP coin. In total, these wallets have made $1.1 billion in gains. At the same time, hundreds of thousands of crypto wallets have lost money on the Trump memecoin.
It should be noted that this does not necessarily mean that 58 people have made millions off of Trump’s cryptocurrency, as one individual can hold multiple crypto wallets. It’s unclear who holds these crypto wallets.
A recent analysis from Bloomberg found that 19 of the top 25 $TRUMP memcoin holders who registered on the $TRUMP website leaderboard have their holdings in foreign exchanges that prohibit U.S. customers. Of the top 220 $TRUMP holders on the leaderboard, 76 percent of them used similar foreign exchanges.
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Earlier this year, a report found that Trump and his companies had already made around $100 million from $TRUMP off of trading fees alone. Now, Axios puts that number at $320 million.
Of course, not everyone is making money off of $TRUMP.
The Chainalysis report found that 764,000 out of around 2 million crypto wallets that have held the memeocoin lost money on $TRUMP. A report from The New York Times in February found that $TRUMP holders had lost around $2 billion total at the time.
Trump and his companies, which control most of the $TRUMP supply, launched their memecoin the Friday before his presidential inauguration in January. $TRUMP quickly skyrocketed overnight and reached highs of more than $70 the next day. However, the value of $TRUMP has plummeted since then. $TRUMP currently sits at around $10.
Last month, in an attempt to seemingly boost the value of the memecoin, Trump announced that the top 200 $TRUMP holders would be invited to a dinner with the president. Around $100 million $TRUMP tokens were bought on crypto exchanges following the dinner announcement, according to The Washington Post. As a result, Trump’s crypto companies further profited off of the subsequent boost in trading fees due to the surge of activity.
Mashable reached out to Chainalysis to confirm the accuracy of the $TRUMP report; we’ll update this story if we hear back.
Topics
Cryptocurrency
Donald Trump
