特朗普硬幣在晚宴興奮中漲到73％，但是一旦7月的供應開始解鎖，持有人會面臨比他們意識到的更陡峭的風險嗎？

以特朗普為主題的模因硬幣，特朗普官方（特朗普），在過去幾天進行了非凡的集會後，引起了市場的關注。

The Trump-themed meme coin, Official Trump (TRUMP), has captured the market’s attention with a stunning comeback, rallying over 73% in the past week to reach a price of $15.47 on April 23.

以特朗普為主題的模因硬幣，特朗普官方（特朗普），以驚人的捲土重來吸引了市場的注意力，在過去一周中漲到超過73％，以達到4月23日的15.47美元。

The token, launched on Solana (SOL) in January, had fallen to as low as $7.14 earlier this month before staging a strong recovery, which was further fueled by an announcement of a formal dinner for the top 220 TRUMP holders with President Donald Trump.

該代幣於1月在Solana（Sol）上推出，本月初在本月早些時候下跌至7.14美元，然後進行了強勁的恢復，這進一步推動了與唐納德·特朗普總統的前220名特朗普持有人的正式晚宴。

The lavish event, set to take place on May 22 at the Trump National Golf Club in Washington, D.C., is expected to bring together the largest holders of the meme coin for an exclusive evening with the 47th President of the U.S.

這項豪華活動定於5月22日在華盛頓特區的特朗普國家高爾夫俱樂部舉行

The dinner invitation is part of a broader initiative by the TRUMP token team to engage the community and reward those who have shown sustained support for the project.

晚餐邀請是特朗普代幣團隊更廣泛的計劃的一部分，旨在與社區參與，並獎勵那些對該項目持續支持的人。

The initiative is also designed to generate buzz around the token and drive new interest in the project. The team is hoping to attract a diverse range of participants, highlighting the global reach of the TRUMP token.

該計劃還旨在引起令牌周圍的嗡嗡聲並引起對項目的新興趣。該團隊希望吸引各種各樣的參與者，強調特朗普代幣的全球影響力。

Those who fail to make the top 220 will receive a limited-edition Trump-themed non-fungible token (NFT) as compensation, according to a clause in the official terms.

根據官方條款的條款，那些未能獲得前220名的人將獲得以特朗普為主題的不可殺菌令牌（NFT）作為補償。

The project’s official portal is displaying the current leaderboard of token holders, which is being constantly updated. As of April 25, the top spot belongs to a cold wallet labeled “SUN,” reportedly associated with Justin Sun, founder of the TRON (TRX) blockchain, with holdings exceeding 1.17 million tokens, valued at over $14 million.

該項目的官方門戶網站顯示了當前的代幣持有人的排行榜，該排行榜正在不斷更新。截至4月25日，最高點屬於標有“太陽”的冷錢包，據報導與TRON（TRX）區塊鏈的創始人賈斯汀·孫（Justin Sun）相關，其持股量超過117萬個令牌，價值超過1400萬美元。

Sun’s involvement is consistent with his previous support for pro-Trump crypto initiatives, including his advisory role at the Trump-backed World Liberty Financial DeFi project.

Sun的參與與他先前對Pro-Trump Crypto計劃的支持相一致，包括他在特朗普支持的世界自由金融賽項目中的諮詢角色。

The second and third positions are held by wallets with the identifiers “CASE” and “MeCo,” respectively. While MeCo holds a larger number of tokens than CASE, it ranks lower due to the project’s use of time-weighted metrics, which give more weight to long-term holdings over recent accumulation.

第二和第三位的位置分別由標識符“案例”和“ Meco”的錢包持有。儘管MECO擁有的代幣數量要比案例大，但由於項目使用時間加權指標，其排名較低，這使長期持有的權重比最近的積累更大。

According to the project’s official documentation, the initial 800 million tokens were set to unlock gradually over a three-year period, with an express goal of avoiding any sudden, large sell-offs that could destabilize the token.

根據該項目的官方文件，最初的8億個令牌定於三年內逐漸解鎖，並明確避免了突然的大型拋售，可能會破壞令牌的穩定。

The first stage of the unlock was to commence on April 18 with the release of 40 million tokens, followed by a daily issuance of 205,480 tokens until July 18.

解鎖的第一階段是從4月18日開始發布4000萬個令牌，隨後每天發行205,480個令牌，直到7月18日。

However, the team postponed further unlocks by 90 days, which helps preserve the circulating supply at 200 million tokens and alleviates concerns about a sudden influx of new supply triggering selloff pressure.

但是，該小組在90天之前推遲了進一步的解鎖，這有助於將循環供應保持在2億代幣，並減輕人們對突然湧入新的供應引發拋售壓力的湧入的擔憂。

This move is also expected to buy the project more time to build out its community and ecosystem, which could support the long-term sustainability of the TRUMP token.

預計這一舉動還會為建立其社區和生態系統的更多時間購買該項目，這可以支持特朗普代幣的長期可持續性。

At current market prices, the fully diluted valuation of the TRUMP coin, calculated across all one billion tokens, stands at approximately $13.35 billion.

以目前的市場價格，特朗普硬幣的完全稀釋的估值（在所有10億個代幣中計算出來）約為133.5億美元。

Since only 20% of the supply is actively traded, the actual market capitalization is much lower at around $2.67 billion.

由於只有20％的供應被積極交易，因此實際市值要低於26.7億美元。

In comparison, the cryptocurrency with the largest market cap, Bitcoin (BTC), is currently priced at around $94,000, having gained more than 11% over the past seven days as it approaches the $100,000 mark.

相比之下，最大的市值比特幣（BTC）的加密貨幣目前的價格約為94,000美元，在過去的7天中上漲了11％以上，因為它接近100,000美元。

The sharp rise in TRUMP’s price is supported by a token design that deliberately restricts supply and concentrates control among two Trump-affiliated entities: CIC Digital LLC and Fight Fight Fight LLC.

特朗普價格的急劇上漲得到了代幣設計的支持，該設計故意限制了供應，並集中了兩個特朗普附屬實體之間的控制：CIC Digital LLC和Fight Fight Fight Fight Fight LLC。

Both entities are linked to the Trump Organization and together control 80% of the total token supply. Typically, such heavy insider control would raise concerns about future dumping. However, structural and reputational factors serve as deterrents.

這兩個實體都與特朗普組織相關，並共同控制著總供應總額的80％。通常，如此沉重的內部控制將引起人們對未來傾銷的擔憂。但是，結構和聲譽因素是威懾。

The holdings are subject to a multi-year lockup, and any premature selling could provoke backlash from both the TRUMP community and broader crypto investors.

這些股份受到了多年的封鎖，任何過早的銷售都可能引起特朗普社區和更廣泛的加密投資者的反對。

Rather than relying on direct token sales, the affiliated entities generate income through trading activity. At launch, they seeded 100 million tokens, equal to 10% of the total supply, into a liquidity pool on Meteora, a decentralized exchange on Solana where TRUMP is actively traded.

該附屬實體不是依靠直接令牌銷售，而是通過交易活動產生收入。在發布會上，他們將1億個令牌種子倒入了總供應量的10％，歸因於Meteora上的流動性庫，這是在特朗普積極交易的Solana上的分散交易所。

This liquidity pool allows buyers and sellers to transact smoothly without large price slippage and simultaneously generates fees for liquidity providers. Each trade on Meteora incurs a fee, a portion of which flows back to the wallets controlled by CIC Digital and Fight Fight Fight.

該流動性池允許買賣雙方平穩地交易，而無需大筆價格滑倒，並同時為流動性提供商產生費用。每一次關於流程的交易都會收取費用，其中一部分流回由CIC Digital和Fight Fight Fight控制的錢包。

This model has proven to be highly lucrative. According to estimates from Reuters, as of January 30, trading fees alone had already generated between $86 million and $100 million for Trump-affiliated

事實證明，該模型具有很高的利潤。根據路透社的估計，截至1月30日，僅交易費就已經為特朗普附屬的8600萬美元至1億美元。