Entities behind Donald Trump’s meme coin have pulled in nearly $100 million in trading fees in just a few weeks, while tens of thousands of small investors took losses, a survey shows.
The Official Trump (TRUMP) meme coin endorsed by President Donald Trump has made big money, but apparently not for small investors. Entities behind the meme coin, including a company tied to Donald Trump, have raked in up to $100 million in trading fees in under two weeks, Reuters reports, citing estimates by three firms, including Merkle Science and Chainalysis.
According to them, trading fees on the TRUMP meme coin ranged between $86 million and $100 million by Jan. 30. One firm calculated the total at around $100 million by Jan. 29.
A company owned by Trump, CIC Digital, is among those benefiting, the report reads. Reuters notes that the meme coin’s official website states that CIC Digital will “receive trading revenue derived from trading activities,” though it’s unclear how much, if any, of the fees have gone directly to Trump himself.
The fees come from traders using Meteora, a decentralized finance trading platform where the meme coin was first sold. According to Chainalysis, at least 50 major investors have made over $10 million each. At the same time, roughly 200,000 wallets with smaller holdings lost money.
In a commentary to Reuters, Eric Trump defended the venture, saying that the TRUMP meme coin “is currently the hottest digital meme on earth. We are just getting started.”
As crypto.news reported, TRUMP’s $72 billion market cap debut triggered a wave of scams, with 6,800 fake tokens and 91 fraudulent dApps flooding the market. According to blockchain forensic firm Blockaid, within just 48 hours of launch, scammers ramped up efforts to exploit the hype, creating a 206% spike in tokens using the “Trump” name — from 3,300 to 6,800 — making it harder for investors to spot fakes.
