Trump Meme Coin Investors Left Reeling as Price Plummets

The Official Trump meme coin has seen its value drop significantly since its peak, leaving many investors who jumped on the bandwagon with substantial losses. Currently trading at around $16.50, the coin is a far cry from its $75 peak.

Trump Family’s Lucrative Venture

Despite the coin’s decline, the Trump family and their partners are reported to have raked in nearly $100 million in trading fees. This revenue stream was seemingly a priority for President Donald Trump, who launched the coin just three days before taking office.

The Trump family’s move to monetize the MAGA brand through the meme coin is not surprising, given their history of leveraging the brand for various business ventures, including hats, NFTs, a DeFi platform, sneakers, and bibles.

The Dark Side of Meme Coins

Meme coins operate in a largely unregulated market, where prices can be driven up by insiders before they bail, leaving latecomers with significant losses. The Trump family’s involvement in the meme coin has raised concerns about potential conflicts of interest and manipulation.

“Done with this $TRUMP crap. Sold it all, what a joke!” – Shawn M. Whitson, a small business owner from North Carolina

Whitson’s sentiment is echoed by many other investors who jumped on the Trump meme coin bandwagon, only to see its value plummet.

Crypto Community Raises Red Flags

Prominent voices in the crypto community, including Anthony Scaramucci and Stephen Findeisen (aka Coffeezilla), have accused Trump of engaging in a classic pump-and-dump scheme.

While there is currently no hard evidence to support these claims, data from Nansen and Chainalysis suggests that at least one account purchased a significant amount of $TRUMP coins before the launch, only to sell them at a substantial profit.

Winners and Losers

According to data, 700,000 wallets made gains on the Trump token, but the real winners were 31 early traders who collected $669 million in profits in just days. On the other hand, 813,294 wallets either cashed out at a loss or held onto their coins as they nosedived, collectively losing around $2 billion.

Trump Family’s Next Venture

Despite the backlash against the Trump meme coin, the Trump family is pushing forward with other business ventures, including TruthFi, an investment platform that aims to be “a competitive alternative to woke funds.”

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