In a recent in-depth interview with NBC News’ Kristen Welker, former President Donald Trump addressed inquiries regarding the meme coin launched by his team just prior to his inauguration. Trump claimed he had not engaged with the ongoing developments surrounding the coin and emphasized that he had not profited from it in any way.
Despite Trump’s assertions, reports indicate that his team had been transferring significant amounts of the TRUMP token to centralized exchanges in recent weeks, hinting at a possible attempt to sell the assets.
No Profits, Says Trump
Just days before he officially took office as the 47th President of the United States in mid-January, Trump’s team launched a meme coin called Official Trump (TRUMP). The initiative quickly captured the attention of the internet, with the price skyrocketing beyond $70 in just a few hours, securing its position as the third-largest meme coin shortly after launch.
However, the subsequent introduction of a Melania token amidst his polarizing first hundred days in office led to an anticipated decline. By mid-April, the TRUMP token experienced a dramatic fall from over $70 to below $8. In an attempt to revive interest, the team announced a special dinner at one of Trump’s golf establishments for the top 220 holders, sparking renewed enthusiasm and resulting in a price surge of nearly 100%.
Despite the substantial market fluctuations and a multi-billion dollar market cap, Trump insisted during his conversation with Welker that he was “not profiting from anything.” When pressed further, he clarified, “I haven’t even looked. If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
Isn’t He, Though?
The blockchain space is known for its transparency, with all transactions publicly accessible. Therefore, it is worth examining reports indicating that the TRUMP meme coin team moved large volumes of the token to centralized exchanges just as the price surged following the dinner announcement.
Similar on-chain data emerged even after the token’s initial launch in January, leading several Democrats to call for an investigation into the president and his team’s involvement with the meme coin. The ongoing scrutiny underscores the complex dynamic of political influence and cryptocurrency in today’s economy.
The circumstances surrounding Trump’s claims and the activities of his team with the Official Trump (TRUMP) meme coin warrant a closer look, reflecting broader implications for accountability and transparency in the intersection of politics and digital currencies.
