At least one group of crypto enthusiasts have done rather well out of Donald Trump’s presidency: the Trumps themselves. On Friday, we reported that the entities behind the official $TRUMP memecoin had made a tidy sum in the first three weeks:
Donald Trump’s crypto project made at least $350mn from the launch of his memecoin, a windfall that is likely to fuel concerns over conflicts of interest arising from the token.
The whole thing is a bit mind-boggling.
Most of the money involved is still parked in a liquidity pool: it is still supporting the price of the coin, which is currently trading at $11, but it is theirs. It makes sense for the Trumps to support the price: the stock of 831mn $TRUMP coins still held by Trump-linked accounts currently has a notional value of $9.3bn.