The Trump-themed meme coin, once riding high, has now plummeted dramatically, leaving investors grappling with substantial losses. Dubbed the “Official Trump” coin, it once skyrocketed to a staggering $75 per token, but now? It’s barely worth $16.00. Word on the street is that former U.S. President Donald Trump and his associates made off with significant wealth, as everyday traders faced serious financial setbacks.
Fortunes for the Fortunate Few
According to data from Nansen and Chainalysis, some early players made out like bandits. Just before the coin’s official release, an anonymous user snatched up $1.1 million worth of $TRUMP coins, later flipping them for a whopping $50 million. This wasn’t mere luck; this savvy trader continued to transact, amassing a jaw-dropping $109 million in total earnings.
Meanwhile, another investor who jumped in merely two minutes post-launch pocketed nearly $3 million. All told, over 30 early investors collectively walked away with a breathtaking $670 million in profits in no time at all.
However, the landscape wasn’t as rosy for the majority. Over 813,000 wallets—likely belonging to retail traders and fervent Trump supporters—are currently dealing with significant losses, with many either selling at a deficit or holding onto devalued coins. Together, this group is facing an estimated $2 billion in losses on paper.
Finished with this $Trump nonsense.
Sold everything, what a joke!
— Shawn Whitson (@ShawnWhitson) January 31, 2025It’s gonna go to $5
— Professor Oak 🍎 🌳 (@My_name_is_L69) February 1, 2025
Trump’s Suspected $100 Million Windfall
According to The New York Times, the Trump family and their associates took home nearly $100 million from trading fees, most of which remains unaccounted for. The coin launched conspicuously three days before Trump assumed office, a timing that has critics questioning the potential misuse of Trump’s regulatory influence over cryptocurrencies.
Detractors claim this reeks of a conflict of interest, while backers dismiss it as yet another Trump business venture amid a career full of contentious moves.
Total crypto market cap currently at $3.14 trillion. Chart: TradingView
The Trump camp has remained silent on suggestions of insider trading, yet political and financial experts are digging into the potential repercussions. Noteworthy critics like Anthony Scaramucci of SkyBridge and crypto sleuth Stephen Findeisen (aka Coffeezilla) have been vocal, labeling the venture a classic “pump-and-dump” scheme.
Supporters Finding Themselves Penniless
Ironically, some of Trump’s staunchest followers are among the hardest hit by the token’s collapse. Take Shawn Whitson, a North Carolinian small business owner, who once cheered both Trump’s presidency and his investment in $TRUMP on Inauguration Day. But soon, the enthusiasm waned. “Done with this $TRUMP crap,” he vented, branding the project a farce.
Despite growing backlash, the Trump family seems undeterred. They’ve just rolled out TruthFi, a financial platform promising an "anti-woke" approach for would-be investors. It’s unclear if the MAGA faithful will embrace this new venture, especially as many are still grappling with the fallout from the Trump meme coin debacle.
Featured image from Reuters, chart from TradingView
