- Thousands of wallets holding President Donald Trump’s memecoin have lost money.
- The memecoin has been a lightning rod for controversy since it launched.
- The Trump administration continues to deny any conflict of interest.
One of President Donald Trump’s greatest campaign lines came during his first run in 2016.
“We’re gonna win so much, you may even get tired of winning. And you’ll say, ‘Please, please. It’s too much winning. We can’t take it anymore, Mr. President, it’s too much.’ And I’ll say, ‘No, it isn’t. We have to keep winning. We have to keep winning more!'” He told supporters in Albany, New York at the time.
Fast-forward to 2025. Trump is serving his second term as president. But months into the administration, not many are feeling like winners, especially holders of his Solana memecoin OFFICIAL TRUMP, or TRUMP.
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Thousands Of Losers
Of 2 million wallets holding TRUMP, 764,000 have lost money, CNBC reported on Tuesday, citing data shared by blockchain analytics firm Chainalysis.
In sharp contrast to these losses, Chainalysis said 58 wallets made more than $10 million each, with a combined profit exceeding $1.1 billion.
The memecoin has been a lightning rod for controversy since it launched. This has only intensified after the project’s team announced in April that the top 220 holders would be invited to a private dinner with the president. The team also disclosed a VIP reception for the top 25 holders, including a tour of the White House.
On Tuesday, Sen. Richard Blumenthal (D-CT), the ranking member of the Senate’s Permanent Subcommittee on Investigations, launched an investigation into TRUMP, World Liberty Financial, a decentralized finance entity controlled by the Trump family, and other connected cryptocurrency ventures to determine whether they facilitated a violation of government ethics and federal laws.
“President Trump’s financial entanglements to the $TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of $TRUMP, represents an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder,” Blumenthal said in a letter to Fight Fight Fight LLC, one of the Trump owned firms behind the memecoin.
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TRUMP surged nearly 80% on the presidential dinner announcement before falling again. Since then, the memecoin has also attracted buys from 54,000 wallets, according to Chainalysis.
Also on Tuesday, House Democrats boycotted a cryptocurrency market structure bill joint hearing of the House Financial Services and Agriculture committees. California Rep. Maxine Waters led the walkout. She said House Democrats could not support the hearing “because of the corruption of the President of the United States and his ownership of crypto.”
CIC Digital LLC and Fight Fight Fight, the two Trump-owned firms behind the TRUMP memecoin, control 80% of the token supply, or about 800 million tokens vested over three years. The token unlock schedule gives both firms access to an estimated 24 million coins worth $240 million at current rates monthly. The token creators have also raked in $324 million from trading fees since January, according to Chainalysis.
Similarly, a Trump family-controlled firm has rights to 75% of World Liberty Financial’s net revenue from token sales and 60% of revenue from its operations. The project said in March that it had raised $550 million from token sales, most of which came after Trump’s election.
Still, the Trump administration continues to deny any conflict of interest.
“President Trump’s assets are in a trust managed by his children. There are no conflicts of interest,” Deputy Press Secretary Anna Kelly told CNBC’s “Crypto World” on Tuesday.
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