President Donald Trump Denies Profiting from the Controversial TRUMP Meme Coin

President Donald Trump has firmly denied allegations that he is profiting from the controversial TRUMP meme coin.

President Donald Trump has firmly denied allegations that he is profiting from or personally involved in promoting the TRUMP meme coin, despite its close ties to Trump-affiliated organizations.

During a recent interview with NBC News, Trump distanced himself from the cryptocurrency’s financial performance, ins می‌گوید: "I’m not profiting from anything. I started this long before the election. I haven’t even looked at it."

The TRUMP token launched on January 18, just two days before Trump’s inauguration for his new term, as an "official" meme coin on the Solana blockchain. It quickly drew public attention for its soaring valuation. Within 24 hours of launch, the token’s value surged to $77, pushing its fully diluted valuation (FDV) to an eye-watering $62 billion. However, the coin has since dropped nearly 85% from its all-time high.

The president’s comments come in response to questions regarding the ethical implications of a sitting president backing a cryptocurrency, especially one bearing his name and tied to organizations he is connected to.

In April, a public announcement inviting the top 220 holders of the TRUMP token to a gala dinner featuring President Trump himself triggered a 60% price rally in the coin and a burst of on-chain activity.

Asked by NBC News about the timing and impact of such announcements, Trump said, "I didn’t even know what it surged to. I have no idea. You’d have to tell me." He also emphasized the broader importance of crypto, stating, "I want crypto. I think crypto is important because if we don don't do it, China is going to."

Despite his claims, blockchain data shows that CIC Digital and Fight Fight Fight—both entities with ties to the Trump Organization—control 80% of the TRUMP token’s total supply.

Moreover, reports by The New York Times and Financial Times suggest that the project has generated substantial income for these entities. As of March, total revenue from fees and commissions linked to the token had reached $350 million. Meanwhile, investor losses by mid-February were estimated at $2 billion.

However, critics argue that Trump’s involvement, even indirectly, could blur the line between public service and private gain.

Earlier this year, consumer advocacy group Public Citizen filed a complaint with the Department of Justice in February, alleging that Trump’s promotion of the TRUMP meme coin violated federal laws prohibiting gift solicitation by public officials.

The complaint stems from a statement Trump posted on Truth Social in January, where he invited his followers to purchase the TRUMP token, offering to attend a dinner with the top 220 token holders to celebrate the coin’s success.

"Total TRUMP COIN SCAM," one X user wrote in response to a recent post by Trump touting the meme coin. "It appears they're scamming people again."

Earlier in January, Senator Elizabeth Warren called for investigations into the TRUMP and MELANIA meme coins, which she described as "a grift to con flusters of Trump fans into buying a useless token."