President Donald Trump launched his $TRUMP memecoin, which netted him hundreds of millions of dollars last year, part of overall crypto gains that topped $1 billion. Most $TRUMP memecoin investors lost money, with the coin’s value plummeting 97% from its peak.
Trump’s Crypto Success
Trump’s companies are the majority owners of the tokens, with Trump Organization affiliates controlling 80% of the coin’s supply. He earned transaction fees each time $TRUMP was bought or sold, regardless of the coin’s market value.
Between his memecoin and other cryptocurrency tokens, Trump netted more than $526 million from token sales. Some big-pocketed investors poured money into the memecoin to gain access to Trump, with the top 220 holders attending a black-tie dinner as a special reward.
Original reporting: KTVZ (Central Oregon) — read the source article.
