Donald Trump is pushing back against claims that he's profiting from the TRUMP memecoin, his official cryptocurrency that launched days before his presidential inauguration.
Donald Trump is planning to make a return to the political scene in 2024, and he's already hitting the ground running. The former president is launching his own cryptocurrency, named TRUMP, just days before his presidential inauguration.
The token is being backed by Chainalysis, which recently reported that the TRUMP token earned $900,000 in fees over a two day span for its backers.
It's also reported that the wallets of the largest holders of the token are controlled by CIC Digital LLC, an entity also used for his NFT collection, and Fight Fight Fight LLC, which is co-owned by CIC Digital. Together, they own 80% of the TRUMP tokens.
However, Trump himself claims that he isn't profiting from the token in a recent interview with NBC News.
“I’m not profoting from anything,” Trump said, adding that he hadn’t looked at the token’s performance and that any financial benefits would be incidental. “If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
The TRUMP token has seen interesting market activity in recent weeks. It’s currently trading around $11.20, a significant drop from its all-time high of $44.19, but still up 20% over the past month.
Recently, the White House announced that the largest 220 holders of the $TRUMP token would be invited for dinner with the President.
Meanwhile, Eric Trump, the son of President Trump, will be a headline speaker at Consensus 2025 in Toronto.
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