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Yahoo
13-05-2025
- Business
- Yahoo
Trump Family-Linked Firms Profited $320M on Memecoin Despite 87% Decline Since Day One
CORRECTION (May 9, 11:58 UTC): Corrected headline, first bullet to say Trump-family linked firms profited millions from TRUMP token. Added details in the 11th paragraph about the creators of the token and their ties to trading revenue. U.S. President Donald Trump has come a long way since he said the value of crypto was 'based on thin air' in 2019. So much so that he is now one of the sector's largest proponents, foraying into memecoins, DeFi, NFTs, and even stablecoins. A new report by the State Democracy Defenders Fund estimates that Trump's family has increased their net worth by $2.9 billion thanks to crypto, and that now 40% of that net worth is being held in crypto assets. His deepening ties to the industry have reverberated across the political landscape, to the point that a broadly bipartisan stablecoin bill failed in a key vote Thursday after Democrats expressed concern about the extent to which he is profiting off the sector. Trump's support helped spark a continued bull market after his election victory in November, a market that's been dominated by two trends: memecoins and institutional adoption of bitcoin via ETFs. While the latter is the province of, generally, institutional investors and providers, it's the memecoin business that puts retail investors at risk and is potentially ripe for exploitation. On Thursday, Solidus Labs claimed that 98% of memecoins issued on the token creation platform were rug pulls or pump-and-dump schemes. The platform had since refuted the report's claims. Another analysis by Chainalysis, cited by CNBC, suggested that the vast majority of TRUMP token holders lost money. A memecoin is a type of crypto token with no inherent value, often based, as the name suggests, on a meme or cartoon character. Popular examples of this are dogecoin (DOGE), shiba inu (SHIB) and pepe (PEPE). The craze reached a climax in January when Trump touted his own TRUMP token on social media, followed by MELANIA— named after his wife. TRUMP, which hit a day-one peak of $77.26, is now trading at $10.80, down a whopping 86%. MELANIA slumped even further, losing more than 97% of its value in four months to trade recently at 33 cents. The hype around Trump's social media post led to a flurry of trading activity. Data from Chainalysis reveals that 760,000 wallets, mainly belonging to retail investors, lost money on the TRUMP token. A small group of people, however, was immune to those losses. The Chainanalysis data show 58 wallets made profits in excess of $10 million. The token's creators netted a whopping $320 million in trading fees, although it's worth noting that around 5% of the fees went to the decentralized exchange Meteora, which hosted the launch. CIC Digital LLC, an affiliate of The Trump Organization, and Fight Fight Fight LLC collectively own 80% of the TRUMP token's supply, subject to a 3-year unlocking schedule, according to the official website. CIC Digital LLC and Celebration Cards LLC, the owners of Fight Fight Fight LLC, will also receive revenue derived from trading activities of the token, the website said. MELANIA was allegedly scooped up by a group of insiders before it was advertised on social media in a technique known as 'sniping.' This group of insiders made $100 million on MELANIA tokens by swapping tokens for USDC after its price doubled, according to an investigation by the Financial Times. One insider with access to the tokens before they went live was Kelsier Ventures' Hayden Davis, who revealed his involvement during an interview in February. Davis was also the brains behind the botched LIBRA stablecoin that brought political chaos to Argentina. In an interview with Coffeezilla in February, Davis said: 'This is going to put me in a lot of danger. Which is fine, I'll answer. I was a part of it [MELANIA]. I think the team did want to snipe it because of how big the snipe was on TRUMP. We definitely weren't the big sniper, that was what we were trying to avoid. We didn't take any liquidity out, zero.' Trump's foray into crypto isn't limited to memecoins. The U.S. president's family is also behind World Liberty Financial, a decentralized finance (DeFi) platform that raised around $590 million across two pre-sale rounds earlier this year. It raised funds at a time when the market was resting around all-time highs, so that figure of raised crypto is now much less. Arkham Intelligence data suggests that World Liberty Financial holds around $103 million worth of crypto. Trump also attempted to ride the coattails of non-fungible token (NFT) hype in 2022, releasing a series of cartoons depicting the president as a superhero or a cartoon character. Trump made around $8 million from rolling out these NFTs, according to financial disclosures. Most recently, there was the crypto dinner event, which saw Trump host a group of 25 TRUMP holders to a private dinner and tour of his Virginia golf club. A Bloomberg report reveals that 19 of those 25 holders were either foreign entities or used an offshore exchange banned in the U.S. He's set to host another dinner for the top 220 holders of his token later in May. U.S. Senators Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass. called for Trump's impeachment, asking the U.S. Office of Government Ethics to investigate whether Trump violated federal ethics rules by inviting top investors. The Trump family did not immediately respond to CoinDesk's request for comment.
Yahoo
05-05-2025
- Business
- Yahoo
Trump has a shocking response to profiting from crypto
In an interview with Kristen Welker on NBC's Meet the Press aired May 4, Donald Trump responded to criticism that he's enriching himself via crypto ventures while in office. 'I'm not profiting from anything,' he said. But when asked directly if he made money from the TRUMP token, Trump admitted, 'I haven't even looked.' He added, 'If I own stock in something and I do a good job, and the stock market goes up, I guess I'm profiting.' The TRUMP memecoin was launched on Jan. 17, just days before Trump's second presidential term began. It surged to $73.43 by Jan. 19, a day before inauguration. But the hype faded fast. The token dropped nearly 85% and now trades around $11.35. Interestingly, Trump appeared unaware of the token's current price during the interview, asking multiple times how much it was worth. According to CoinGecko and filings, two Trump-linked entities — CIC Digital LLC and Fight Fight Fight LLC — own 80% of the TRUMP token's 1 billion supply. These tokens are locked and will be gradually released by 2028. The first release of 40 million tokens, valued at $454 million, occurred on April 18. Trump's crypto foray has generated at least $350 million in revenue, according to a Financial Times analysis from March. The earnings include $314 million from token sales and another $36 million from fees. He's faced criticism from both parties, including Republican Senators Cynthia Lummis and Lisa Murkowski, especially after TRUMP holders were offered a chance to dine with the president on May 22. Asked if he would contribute crypto earnings the same way he donates his presidential salary, Trump said, 'I never thought of that… Should I contribute all of my real estate that I've owned for many years if it goes up a little bit because I'm president? I don't think so.' Trump reiterated his pro-crypto stance in the same interview. 'I want crypto. I think crypto's important because if we don't do it, China's going to. It's new, it's very popular, it's very hot.' According to nonprofit State Democracy Defenders Action, Trump's crypto involvement has increased his net worth. The group said he now holds $2.9 billion in digital assets — around 37% of his total wealth. 'Rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them,' the group noted, urging Congress to act. Sign in to access your portfolio
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Business Standard
24-04-2025
- Business
- Business Standard
Donald Trump's private dinner sends $TRUMP memecoin soaring 58% in one day
After a significant slump in recent weeks, Donald Trump's memecoin, $TRUMP appears to have made a strong comeback. The digital token, which had previously plummeted by 88 per cent from its peak, surged in value following an exclusive announcement targeting top investors. The boost came after the official $TRUMP coin website revealed a highly exclusive offer: the top 220 holders of the token are invited to a private dinner with Trump on May 22. The event will take place at Trump National Golf Club in Washington, DC. Touted as 'the most exclusive invitation in the world', this private gala dinner will give attendees the chance to meet Trump in person. According to the site, the top 25 coin holders will also enjoy an 'ultra-exclusive private VIP reception with the President", along with a special behind-the-scenes tour. Coin's value surges after announcement The announcement had an immediate impact on the coin's value. The price jumped from $5.32 to $14.32 on Wednesday afternoon — a 58 per cent increase. However, this remains far below its all-time high of $75.35, recorded on January 19, the day of Trump's inauguration. Still, the rise provided a brief respite to investors who had seen steep losses. The dinner invitation has added a fresh incentive for those looking to climb the leaderboard of $TRUMP holders. Leaderboard competition: Who gets in? The $TRUMP coin website outlines how participants can qualify for the exclusive dinner. Access is granted based on holdings between April 23 and May 12. The leaderboard updates hourly in real time. 'The more $TRUMP you hold — and the longer you hold it — the higher your ranking will be,' reads the official site. It adds, 'The competition is fierce. Own $TRUMP — or watch from the sidelines.' The dinner is not just about meeting Trump — it's being marketed as a platform to hear his plans for cryptocurrency directly. 'President Donald J Trump is known as the 'Crypto President!' At this Intimate Private Dinner, Hear First-Hand President Trump Talk about the Future of Crypto,' the website states. Trump's digital ambitions Trump, once a critic of cryptocurrencies, has recently embraced the industry, pledging to make the United States the global hub for digital finance. He has backed various crypto-related projects, including NFTs and platforms like World Liberty Financial. According to the $TRUMP coin site, a large portion of the memecoin supply — around 80 per cent — is owned by CIC Digital LLC, affiliated with the Trump Organisation, and Fight Fight Fight LLC. Melania Trump also released her own memecoin shortly after the inauguration. As of now, Trump's coin trades at $13.28, while Melania's stands at just $0.47. (With agency inputs)
Int'l Business Times
24-04-2025
- Business
- Int'l Business Times
$TRUMP Coin Soars 58% for Exclusive Trump Dinner
When President Donald Trump announced an exclusive dinner for the top 220 $TRUMP memecoin holders, the coin's value skyrocketed by 58% overnight. Set for 22 May 2025 at Trump National Golf Club near Washington, D.C., this gala has been dubbed 'the most exclusive invitation in the world.' With investors are scrambling to secure a seat, the $TRUMP coin is at the centre of a crypto frenzy. Here's how this unprecedented event is reshaping the memecoin market and what it takes to join Trump at the table. Grab $TRUMP Coins To Climb The Leaderboard To attend the dinner, you must rank among the top 220 $TRUMP holders based on your average coin balance from 23 April to 12 May 2025. Launched on the Solana blockchain in January 2025, $TRUMP is traded on platforms like Raydium . Following the announcement, the coin surged from £7.84 ($10.40) to £12.38 ($16.43) on 23 April 2025, boosting its market cap to £2.08 billion ($2.75 billion). X posts estimate holding £160,000–£6.4 million ($212,000–$8.4 million) in $TRUMP to qualify, though costs for travel and accommodation fall on attendees. Strict rules apply: no plus-ones and mandatory background checks exclude those from KYC watchlist countries. Score VIP Access With High Stakes The top 25 holders will unlock a pre-dinner reception with Trump and a VIP tour the next day, organised by Fight Fight Fight LLC—initially marketed as a White House tour but later clarified. All attendees receive a commemorative $TRUMP NFT, minted on Solana, adding a collectible perk. However, the CBS News report notes Trump's attendance isn't guaranteed, with an NFT offered as compensation if he cancels. The leaderboard, updated daily on the $TRUMP website, rewards both coin volume and holding duration, sparking fierce competition. Critics, including watchdog groups, question the ethics of tying political access to crypto wealth. Understand The Crypto Power Play The $TRUMP coin, launched days before Trump's January 2025 inauguration, has fuelled both hype and controversy. Despite an 85% drop from its peak, the dinner news revived its value, though 80% of tokens are held by insiders like CIC Digital LLC. A Reuters article details the Trump family's crypto ventures, including World Liberty Financial, which earned £240 million ($318 million) in fees, raising concerns about conflicts of interest as Trump influences crypto policy. Hosted at Trump National Golf Club , the dinner echoes Trump's past exclusive events, blending profit with political spectacle and drawing scrutiny for potential market manipulation. Seize A Rare Moment In History The 22 May 2025 gala at Trump National Golf Club is a singular event, fusing cryptocurrency, politics, and elite networking. Only 220 $TRUMP holders will secure a seat, making the race to amass coins by 12 May 2025 a high-stakes challenge. Attendees will gain insight into Trump's crypto vision alongside fellow investors. The commemorative NFT adds a unique keepsake to the experience. For those captivated by this convergence of wealth and influence, the dinner is a historic opportunity. Whether driven by investment strategy or political curiosity, securing a spot demands quick and calculated moves. This event marks a bold chapter in Trump's crypto legacy. Expect unparalleled discussions with industry pioneers shaping the future of digital finance. The gala's exclusivity cements its place as a defining moment for crypto enthusiasts. Originally published on IBTimes UK
Arabian Post
24-04-2025
- Business
- Arabian Post
Trump's Memecoin Gala Sparks Crypto Frenzy and Ethical Debate
President Donald Trump is set to host an exclusive dinner on May 22 at the Trump National Golf Club in Washington, D.C., inviting the top 220 holders of his $TRUMP memecoin. This announcement has led to a significant surge in the coin's value, with prices climbing over 60% to reach $16.17, marking its highest level since early March. The event, organized by Fight Fight Fight LLC, stipulates that eligibility is determined by average holdings between April 23 and May 12. Attendees must pass a background check and cannot be from countries on Know Your Customer watchlists. The top 25 holders will receive additional perks, including a VIP reception and a special tour with the president. However, the event terms note that Trump may not attend, in which case winners would receive a limited edition Trump NFT instead. Launched on January 17, 2025, just days before Trump's inauguration, the $TRUMP coin is hosted on the Solana blockchain. Initially, 200 million tokens were released, with plans to expand the total supply to 1 billion over three years. Approximately 80% of the tokens are held by CIC Digital LLC and Fight Fight Fight LLC, entities linked to the Trump Organization. The coin's market capitalization has reached approximately $2.6 billion, ranking it as the 37th-largest cryptocurrency. Arabian Post – Crypto News Network
