According to an analysis by the Financial Times, US President Donald Trump’s cryptocurrency project generated at least $350 million in revenue from the launch of the official Trump (Trump) Memocoin.
The entities involved in the operation of Trump Memecoin have won at least $314 million from token sales and $36 million from Solana Blockchain fees, the FT reported on March 7.
Trump’s personal interests remain unknown, but Memecoin’s official website GetTrumpmemes.com says that the battle-based CIC Digital and Delaware-based in connection with the Trump organization owns 80% of the tokens in bulk.
FT methodology for calculating Trump revenue. Source: FT
Financial Times calculated revenue by tracking the flow of tokens from creation to official wallets, according to the report, and tracking placement for sale on Solana-based trading platforms.
How many Memecoins are there for Trump?
Trump launched Trump memo coins before the White House returned on January 20th.
The launch included the first 200 million people being released in the first memo coin batch, and the first 200 million people being released, with the remaining 800 million being scheduled to be released in the next three years, with the launch minting 1 billion cards tokens.
The official Trump Memo Coin distribution and construction roadmap. Source: getTrumpmemes.com
According to a report by the FT, 158 million tokens were deposited in the liquidity pool, allowing traders to purchase Memecoin at the open market in exchange for Circle’s USDC (USDC) Stablecoin.
Sale and purchases indicate suspected price manipulation
According to FT analysis, accounts related to Trump sold their first 100 million Trump tokens at a price of less than $1.05 the day after Memecoin’s launch.
The analysis suggested that after withdrawing the first USDC it acquired from sales, Trump Wallet subsequently reverted $291 million to another liquidity pool in an apparent effort to support the market.
“The scheme likely made more money from other transactions,” the report said, adding that Pool also sent around 14.7 million Trump tokens in 10 exchanges, including Binance, Bibit and Coinbase.
Half of Trump’s initial distribution was sold for less than $1.05 each. Source: FT
FT also found that Trump treasurer spent $1 million on purchasing his tokens for $33.20 on January 19th and January 20th to stabilize prices amid the decline in Trump after the launch of Melania Trump’s Melania Memo Coin.
Related: Memokines are likely dead for now, but they will return: coingecko
Trump prices plummeted 82% from its $75 peak on January 19th. Despite this, the 831 million Trump tokens still held by Trump-related accounts is estimated to be $1.08 billion.
After Melania Memocoin was released, the Trump account intervened in the market. Source: FT
Potential actions against the president’s memokine
Trump’s memo coin has emerged as one of the most debated topics in the crypto community, especially as it is said to have the potential to contribute to the Libra token scandal promoted by Argentine President Javier Mairei.
House Democrat Representative Sam Ricardo publicly criticised the president’s concept of memokine and proposed a draft law in late February that would ban staff and their families from such activities.
On March 5th, New York State Legislature member Clyde Vannell introduced a bill establishing criminal penalties for Memocoin Rag Pull to protect investors.
In the meantime, financial regulators, including the U.S. Securities and Exchange Commission, have repeatedly said that Memecoin does not fall under securities law and directs other authorities to regulate it.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
