According to blockchain analysis firm Chainalysis latest report, about 764,000 wallets that purchased President Donald Trump’s $TRUMP meme coin have lost money on the investment.
The Official Trump token launched by President-elect Donald Trump on his Truth Social account earlier this year and gained popularity in recent times after it announced that the top 220 holders of the token would get access to the president in a ‘sit down dinner’ that is likely to be held on May 22.
Interestingly, the report also points out that around 2 million wallets have bought into the token so far, but it is only 58 wallets that have made significant gains of over $10 million apiece.
According to an NBC report, Fight Fight Fight LLC. and CIC Digital LLC., control the bulk of the token’s supply. When the Trump meme coin was first launched, its creators initially released 20% of the planned 1 billion total coins. Half of that 20% was put up for public sale while the other half was put into a liquidity pool which is run by CIC Digital, an affiliate of the Trump Organization.
Another notable factor that the Chainalysis report finds is the fees it has generated since its launch. Since earlier this year, the TRUMP coin has generated more than $320 million in fees for its creators. The creators made more than $1.3 million in trading fees in the week after the dinner was first announced alone. The value of the meme coin has seen some major swings and trades around $11 at the time of reporting.
