特朗普硬币在晚宴兴奋中涨到73％，但是一旦7月的供应开始解锁，持有人会面临比他们意识到的更陡峭的风险吗？

以特朗普为主题的模因硬币，特朗普官方（特朗普），在过去几天进行了非凡的集会后，引起了市场的关注。

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.

以特朗普为主题的模因硬币，特朗普官方（特朗普），以惊人的卷土重来吸引了市场的注意力，在过去一周中涨到超过73％，以达到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.

该代币于1月在Solana（Sol）上推出，本月初在本月早些时候下跌至7.14美元，然后进行了强劲的恢复，这进一步推动了与唐纳德·特朗普总统的前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.

这项豪华活动定于5月22日在华盛顿特区的特朗普国家高尔夫俱乐部举行

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.

晚餐邀请是特朗普代币团队更广泛的计划的一部分，旨在与社区参与，并奖励那些对该项目持续支持的人。

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.

该计划还旨在引起令牌周围的嗡嗡声并引起对项目的新兴趣。该团队希望吸引各种各样的参与者，强调特朗普代币的全球影响力。

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.

根据官方条款的条款，那些未能获得前220名的人将获得以特朗普为主题的不可杀菌令牌（NFT）作为补偿。

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.

该项目的官方门户网站显示了当前的代币持有人的排行榜，该排行榜正在不断更新。截至4月25日，最高点属于标有“太阳”的冷钱包，据报道与TRON（TRX）区块链的创始人贾斯汀·孙（Justin Sun）相关，其持股量超过117万个令牌，价值超过1400万美元。

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的参与与他先前对Pro-Trump Crypto计划的支持相一致，包括他在特朗普支持的世界自由金融赛项目中的咨询角色。

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别由标识符“案例”和“ Meco”的钱包持有。尽管MECO拥有的代币数量要比案例大，但由于项目使用时间加权指标，其排名较低，这使长期持有的权重比最近的积累更大。

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.

根据该项目的官方文件，最初的8亿个令牌定于三年内逐渐解锁，并明确避免了突然的大型抛售，可能会破坏令牌的稳定。

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.

解锁的第一阶段是从4月18日开始发布4000万个令牌，随后每天发行205,480个令牌，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，该小组在90天之前推迟了进一步的解锁，这有助于将循环供应保持在2亿代币，并减轻人们对突然涌入新的供应引发抛售压力的涌入的担忧。

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.

预计这一举动还会为建立其社区和生态系统的更多时间购买该项目，这可以支持特朗普代币的长期可持续性。

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

以目前的市场价格，特朗普硬币的完全稀释的估值（在所有10亿个代币中计算出来）约为133.5亿美元。

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

由于只有20％的供应被积极交易，因此实际市值要低于26.7亿美元。

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，最大的市值比特币（BTC）的加密货币目前的价格约为94,000美元，在过去的7天中上涨了11％以上，因为它接近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.

特朗普价格的急剧上涨得到了代币设计的支持，该设计故意限制了供应，并集中了两个特朗普附属实体之间的控制：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.

这两个实体都与特朗普组织相关，并共同控制着总供应总额的80％。通常，如此沉重的内部控制将引起人们对未来倾销的担忧。但是，结构和声誉因素是威慑。

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.

这些股份受到了多年的封锁，任何过早的销售都可能引起特朗普社区和更广泛的加密投资者的反对。

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.

该附属实体不是依靠直接令牌销售，而是通过交易活动产生收入。在发布会上，他们将1亿个令牌种子倒入了总供应量的10％，归因于Meteora上的流动性库，这是在特朗普积极交易的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.

该流动性池允许买卖双方平稳地交易，而无需大笔价格滑倒，并同时为流动性提供商产生费用。每一次关于流程的交易都会收取费用，其中一部分流回由CIC Digital和Fight Fight Fight控制的钱包。

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

事实证明，该模型具有很高的利润。根据路透社的估计，截至1月30日，仅交易费就已经为特朗普附属的8600万美元至1亿美元。