- US President Donald Trump discloses that he has no idea of the current performance of his official meme coin, TRUMP, other than just launching it.
- Two main entities linked to Trump’s business, CIC Digital LLC and Fight Fight Fight LLC, are reported to control 80% of the token’s supply, which is expected to be unlocked gradually until 2028.
The official meme coin of US President Donald Trump, TRUMP, is back in the news after reports suggested that entities linked to the token made a whopping profit of $320 million. As explained in our last analysis, this coin reached an all-time high level of $75 from $1.2 in just a day after launch. Today, TRUMP has lost about 33% of its value in the last 30 days to trade at $11.
In a recent interview, Trump was asked if he would continue to produce products that benefit him personally just like the meme coin. However, he appeared unaware of how far the token had reached other than just launching it. The US president also hinted to have no knowledge of the current valuation.
I haven’t checked it. Where is it today?
Fascinatingly, the reporter informed him that he had made several billion dollars in the last few days. However, Trump replied “This is just a peanut for these guys”, referring to the tech billionaires who appeared at the White House event. A moment later, the US president highlighted that he may be profiting if his stocks went up while doing a good job.
Research also shows that two entities tied to his business – CIC Digital LLC and Fight Fight Fight LLC own about 80% of the 1 billion TRUMP tokens supply. According to sources, these tokens would be unlocked gradually through 2028. In April, for instance, $454 million worth of Trump tokens was unlocked by CIC Digital.
The recent launch of the TRUMP Coin triggered several reactions from lawmakers and experts who deliberated on the implications for Trump’s integrity and the country at large. As detailed in our previous news brief, US House Representative Gerald Connolly, for instance, highlighted in a letter sent to the House Oversight and Government Reform Committee that Trump’s actions could compromise national security.
Besides being a blatant financial conflict of interest on behalf of the president … it is deepening his engagement in a world that raises real national security concerns.
Amidst the backdrop of this, Trump’s crypto venture World Liberty Financial, is reported to have sealed a partnership with an Abu Dhabi investment firm, ensuring that one of its digital assets is used for a $2 billion investment in crypto exchange Binance.
According to reports, World Liberty could earn at least $27 million per year. Meanwhile, Democratic lawmakers have raised concerns about a conflict of interest. Even so, the DeFi company has also sealed a partnership agreement with the Pakistan Crypto Council for DeFi growth, as also indicated in our previous news article
