The meme coin endorsed by Donald Trump has generated significant trading fees, yet many small investors have incurred losses.
Profits from Trump's Meme Coin
According to a survey, companies involved in the TRUMP meme coin project have earned nearly $100 million in trading fees within a few weeks. Analytical firms such as Merkle Science and Chainalysis estimate that fees reached up to $100 million by January 29.
Participants and Losers
CIC Digital, connected to Trump, is one of the beneficiaries; however, the exact amount that went directly to Trump remains unclear. Meanwhile, information from Chainalysis indicates that about 50 major investors made over $10 million each, whereas approximately 200,000 wallets with smaller holdings suffered losses.
Public Reaction and Consequences
Eric Trump defended the venture, describing the TRUMP meme coin as 'the hottest digital meme on earth.' However, the project's popularity has triggered a scam wave. In the first 48 hours post-launch, 6,800 fake tokens and 91 fraudulent dApps were created, complicating investors' ability to spot fakes.
Despite financial gains for some companies and investors, the TRUMP meme coin has led to significant losses for many small investors and incited a surge of fraud in the market.
