In recent weeks, Donald Trump has found himself at the center of a heated debate regarding the TRUMP memecoin, a cryptocurrency launched just days before his presidential inauguration. Amidst claims of profiting from this digital asset, Trump has emphatically pushed back, stating that he is not financially benefiting from the token.
According to a report from Chainalysis, the TRUMP token has generated $900,000 in fees for its backers within a mere two-day period. This statistic raises questions regarding the financial implications of the token, especially considering that the largest holders are entities such as CIC Digital LLC, which is also associated with Trump’s NFT collection, and Fight Fight Fight LLC, co-owned by CIC Digital. Collectively, these entities control approximately 80% of the TRUMP tokens.
In an interview with NBC News, Trump maintained his stance, declaring, “I’m not profiting from anything.” He further elaborated that he has not actively monitored the token’s performance, suggesting that any potential financial gains would be incidental. “If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting,” he noted, drawing a comparison to traditional investments.
Market activity surrounding the TRUMP token has seen notable fluctuations. Currently trading at around $11.20, the price represents a significant decline from its all-time high of $44.19 but shows an increase of 20% over the past month.
In an unusual move, the White House recently announced that the top 220 holders of the $TRUMP token would receive invitations for dinner with the President, sparking further discussion about the intertwining of politics and cryptocurrency.
Additionally, Eric Trump is set to be a headline speaker at Consensus 2025 in Toronto, further cementing the family’s involvement in cryptocurrency and financial discussions.
This ongoing situation raises compelling questions about ethics in cryptocurrency, political influence, and the future of memecoins in American politics.
