U.S. President Donald Trump has reportedly amassed $802 million in digital belongings since launching the TRUMP memecoin.
Trump Staff Holds Billions in Memecoins
U.S. President Donald Trump has amassed digital belongings valued at $802 million since launching the TRUMP memecoin over two weeks in the past, in response to Conor Grogan, a director at Coinbase. Greater than half of those belongings, totaling $482 million and consisting of USDC, SOL, and the memecoin, have been transferred to exchanges, he stated.
In a Feb. 3 publish on X, Grogan revealed that Trump’s staff holds $240 million in USDC stablecoins in out-of-range liquidity, with an extra $50 million in-range. The Trump staff has generated over $29.3 million in USDC charges. Notably, the staff nonetheless retains $16 billion value of TRUMP memecoins.
Grogan commented on the importance of the memecoin launch, although his actual remarks weren’t specified.
“This $800M+ liquidity occasion dwarfs even the Bored Ape Otherside launch ($285M raised +$181M in burned gasoline). And I’m not even together with the Melania meme launch…”
The Coinbase director acknowledged that the Trump staff might not have offered all of the cryptocurrency despatched to exchanges, however insisted that his estimates had been conservative in different areas.
Trump Memecoin Ignites Curiosity in Crypto
After surging to above $70 simply hours earlier than Trump’s inauguration, the TRUMP memecoin has trended downward. On Feb. 3, the memecoin dropped under $20 for the primary time since Jan. 18, leaving it with a market capitalization of simply over $18.5 billion.
In the meantime, an evaluation by NFT Plaza reveals that the launch of TRUMP ignited curiosity in cryptocurrency, with searches for “crypto” and “purchase crypto” skyrocketing by 203% and 376%, respectively, previously yr. Then again, searches for phrases equivalent to “find out how to purchase meme cash” and “finest meme cash to purchase” went up by a whopping 9,900%.
Chris Thomas, a spokesperson for NFT Plazas, argued that the launch of Trump’s meme cash “illustrates the unpredictable nature of cryptocurrency investments, the place speedy worth swings and heavy hypothesis can result in substantial monetary threat.”
Nonetheless, Thomas famous that whereas each Trump and his spouse’s meme cash have sparked a quick surge in curiosity, the frenzy demonstrated to traders the dangers related to this kind of digital asset.
