The Official Trump (TRUMP), a cryptocurrency inspired by former US President Donald Trump, has generated substantial revenue for several cryptocurrency exchanges, according to a report published by Reuters.
The TRUMP digital token has enabled ten prominent cryptocurrency exchanges to collectively accumulate $172 million in transaction fees. Included among these trading platforms are Binance
$5.59B
MEXC.
Despite the fact that nearly 80% of this meme-based coin’s supply is reportedly held by the Trump family and associated entities, many exchanges moved quickly to make it available for trading. Typically, this level of concentrated ownership would be considered a red flag, yet it did not deter listings in this instance.
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The Reuters analysis revealed that the listing process for the TRUMP coin was considerably faster than that of other well-known meme coins, specifically BONK
On average, the TRUMP cryptocurrency was listed on exchanges within a mere four days, significantly faster than the 129-day average for the aforementioned meme coins. Coinbase is reported to have been the quickest, purportedly making the decision to list the token in just a 24-hour period.
Coinbase’s chief legal officer, Paul Grewal, stated that they believed the token could be used “positively and safely.” However, Coinbase also designated the meme coin as experimental and issued a warning about its inherent risks, particularly regarding potential price volatility.
While some individuals profited handsomely, the majority of investors experienced losses. Reuters reported that only 45 digital wallets realized gains of $1.2 billion from TRUMP token trades. Conversely, over 700,000 wallets collectively sustained losses totaling at least $4.3 billion.
In other news, a rare “Diamond Hands” non-fungible token (NFT) associated with the TRUMP meme coin dinner recently fetched a price of 99.9 SOL
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