President Donald Trump’s memecoin, $TRUMP, has reportedly generated at least $11.4 million in fees for entities associated with him since its launch on January 17.
$TRUMP memecoin Earns $11.4 Million in Fees
Trump surprised the crypto community by introducing his memecoin just days before his inauguration ceremony. The MAGA leader’s crypto venture skyrocketed within hours, reaching a market cap of $5.44 billion. Moreover, according to an analysis by crypto risk modeling firm Gauntlet, $TRUMP may have gathered at least $11.4 million in fees.
Gauntlet’s co-founder and CEO, Tarun Chitra, revealed in a recent interview that CIC Digital LLC and Fight Fight Fight LLC generate fees by providing liquidity to the DeFi platform Meteora to facilitate $TRUMP transactions. Gauntlet tracked all fees collected from the $TRUMP liquidity pool on Meteora, with most of the liquidity being provided by Trump-affiliated entities.
Chitra noted that $TRUMP “basically generated fees comparable to the heyday of memecoins.” However, he cautioned that actual fee revenue could be significantly higher, as a large amount of $TRUMP was quickly sent to exchanges like Binance and OKX, making it difficult to determine the corresponding profits.
Calling $TRUMP as one of the most successful memecoin launches ever, Chitra emphasized that “for Pump.fun [the memecoin creation platform], there were many memecoins generating fees, whereas here, it’s just one coin.”
$TRUMP Market Value
As of now, $TRUMP is trading at $27.24, following a 9.9% dip. The 24-hour market volume stands at $2.76 billion, indicating potential sell-offs triggered by investor concerns and negative media coverage and political scrutiny, which may be contributing to the price decline.
Meanwhile, Melania Trump’s memecoin, $MELANIA, is also witnessing a slump, currently trading at $2.33, marking a 12.12% downtrend.
Also Read: CZ Weighs in on $TRUMP Memecoin Crypto Debate
Credit: Source link
