As per a recent report published by the Financial Times, the Official Trump (TRUMP) memecoin, a cryptocurrency initiative spearheaded by former President Donald Trump, has raked in an estimated $350 million. Revenue sources include token sales and fees on the Solana blockchain.
The specific earnings breakdown reveals that the entities operating the TRUMP memecoin have collected approximately $314 million from token sales and an additional $36 million from Solana blockchain fees. The exact personal profits of Trump remain undisclosed.
As stated on the official website, Gettrumpmemes.com, an 80% stake in the tokens is held by The Trump Organization-affiliated CIC Digital and Delaware-based Fight Fight Fight. The Financial Times reached its conclusions by tracking the tokens from their creation to their sale on Solana-based trading platforms.
The TRUMP memecoin was launched just days before Trump’s White House return on January 20. The launch saw the minting of 1 billion TRUMP tokens, with an initial 200 million released in the first batch. The remaining 800 million tokens are scheduled for release over the next three years.
According to Financial Times, 158 million tokens were placed into a liquidity pool, enabling traders to purchase the memecoins on the open market in exchange for Circle’s USDC (USDC) stablecoin.
The report also suggested potential price manipulation, with the first 100 million Trump tokens sold a day after launch at a price below $1.05. It was also noted that Trump wallets placed $291 million in USDC back into another liquidity pool in a possible attempt to stabilise the market.
Despite an 82% drop in TRUMP’s price from its peak of $75 on January 19, the 831 million TRUMP tokens still held by Trump-affiliated accounts are estimated to have a notional value of $10.8 billion.
Presidential memecoins have recently come under scrutiny, with House Democrat Representative Sam Liccardo proposing legislation to ban officials and their families from such activities. On March 5, Assemblymember Clyde Vanel introduced a bill setting up criminal penalties for memecoin rug pulls in an effort to safeguard investors.
