Two million wallets now hold TRUMP memecoin; over half remain in profit
U.S. Democratic lawmakers have launched a multi-faceted campaign to curb former President Donald Trump’s ability to profit from his cryptocurrency initiatives. Their approach includes the introduction of two new legislative bills and a formal subcommittee inquiry—forming a coordinated three-pronged offensive.
The MEME Act: blocking personal crypto profits in office
On May 6, Senator Chris Murphy unveiled the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which aims to prevent high-ranking federal officials from leveraging public office for personal gain via cryptocurrency.
The bill proposes banning the president, vice president, members of Congress, senior executive branch officials, as well as their spouses and children, from issuing, promoting, or sponsoring any form of security, commodity, future, or digital asset.
Violators could face civil penalties of up to $250,000, forfeiture of any related profits to the U.S. Treasury, and potential criminal sanctions—including prison terms of up to five years.
A companion bill has been introduced in the House by Representative. However, with Republicans in control of both chambers of Congress, the legislation faces significant obstacles unless it garners bipartisan support.
Subcommittee inquiry probes Trump coin ties
In parallel, Senator Richard Blumenthal ranking member of the Permanent Subcommittee on Investigations (PSI) announced a preliminary investigation into Trump’s crypto-linked ventures. These include the Official Trump Token (TRUMP), the platform World Liberty Financial (WLFI), and the coin’s issuing entity Fight Fight Fight.
The PSI has sent formal letters requesting documentation and communications between these companies and the Trump Organization. Blumenthal emphasized that the inquiry will focus on identifying any undisclosed conflicts of interest and financial arrangements.
Of particular interest is the TRUMP token’s sharp 50% price surge from $9.40 to $13.65 following an April 23 announcement that the top 220 token holders would receive invitations to a White House gala dinner.
TRUMP coin’s volatility: Highs, lows, and big winners
Launched on January 18, the TRUMP memecoin soared to an all-time high of $73.43, according to CoinGecko. However, it has since lost about 85% of its value and currently trades at $11.13.
Despite the drop, blockchain analytics firm Chainalysis reports that more than half of the approximately two million wallet holders remain in profit. Following the gala dinner announcement, 54,000 additional wallets added the token to their holdings.
While 764,000 wallets—mostly small-scale investors—are in the red, a group of just 58 major investors has each profited over $10 million, for a collective haul exceeding $1.1 billion.
The token’s anonymous creator is estimated to have earned $320 million, with an additional $1.3 million accrued since the April 23 announcement.
Corporate endorsement and expansion
Adding to the token’s visibility, trucking logistics firm Freight Technologies revealed on April 30 that it will build a TRUMP coin treasury through a $20 million convertible note issuance. CEO Javier Selgas described the move as a strategic way to diversify the company’s crypto portfolio while supporting “fair, balanced, and free trade” between Mexico and the U.S.
Earlier, on April 1, the company also disclosed a $5.2 million acquisition of FET, the utility token of the Fetch.ai network.
