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The Official Trump (TRUMP), a meme coin linked to US President Donald Trump, has brought in large profits for several crypto platforms, according to a report from Reuters.
The TRUMP token has helped 10 major exchanges earn a total of $172 million in trading fees. These platforms include Binance
$15.82B
, Coinbase
$4.71B
, OKX
$4.73B
, Bitget
$6.1B
, and
$5.6B
MEXC.
Even though 80% of the meme coin’s supply is controlled by the Trump family and their partners, many exchanges listed it quickly. In most cases, such concentrated ownership is seen as a warning sign, but it did not stop the listings this time.
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Reuters found that these exchanges added TRUMP much faster than they did other popular meme coins, such as BONK
$0.0000275
, PEPE
$0.0000120
, and DOGWIFHAT.
On average, the TRUMP token appeared on platforms within four days, compared to 129 days for the others. Coinbase was the fastest, as it reportedly made the decision to list the coin in just one day.
Paul Grewal, the chief legal officer at Coinbase, said they believed people could use the token “positively and safely”. However, Coinbase labeled the meme coin as experimental and warned that it could be risky, with its price potentially fluctuating.
While a few made huge profits, most investors lost money. According to Reuters, just 45 wallets gained $1.2 billion from TRUMP trades. Meanwhile, more than 700,000 wallets have lost at least $4.3 billion collectively.
Meanwhile, a rare “Diamond Hands” non-fungible token (NFT) from the TRUMP meme coin dinner recently sold for 99.9 SOL
$159.51
. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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