POTUS Denies Profiting From Official Trump (TRUMP) Meme Coin
During a recent lengthy interview with NBC News’ Kristen Welker, US President Donald Trump said he hadn’t even looked at what is happening with the meme coin launched by his team just ahead of his inauguration.
He claimed that he hadn’t profited in any form from it, but there are multiple reports that the team had transferred substantial quantities of the token to centralized exchanges in recent weeks, most likely to sell.
No Profits, Says Trump
Just a few days before he officially became the 47th US president in mid-January, Trump’s team broke the Internet by launching a meme coin dubbed Official Trump (TRUMP). In mere hours, it became a global sensation, with its price skyrocketing past $70. Its market cap flew as well, and TRUMP became the third-largest meme coin within a day of its launch.
However, the subsequent release of a Melania token, as well as his controversial first 100 days in office, led to a somewhat expected crash. TRUMP dropped from over $70 to under $8 by mid-April when the team behind it announced on the official website that the top 220 holders would have a chance to attend a special dinner with the POTUS in one of his golf establishments in DC.
Naturally, people rushed to buy the asset, pushing its price north by almost 100% within a few days. Despite this massive volatility, price increases (and crashes), and a multi-billion dollar market cap, Trump claimed in his interview with Welker that he is “not profiting from anything.” On a follow-up question, “So you’re not profiting off of the cryptocurrency at all,” Trump said:
“I haven’t even looked. If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting,” he answered.
Isn’t He, Though?
Blockchain is an interesting niche as it offers full transparency, and all transactions are visible to the public. As such, it’s intriguing to explore a few reports suggesting that the TRUMP meme coin team deposited large quantities of the asset to centralized exchanges just as its price shot up after the dinner announcement.
Similar on-chain information surfaced even after the token’s launch in January. Consequently, it’s no wonder that numerous Democrats have requested an investigation into the president and his team regarding the controversial meme coin(s).
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