The Official Trump (TRUMP) memecoin, a cryptocurrency project related to former US President Donald Trump, has reportedly boosted crypto exchanges’ profits significantly. According to a Reuters report published on Monday, the memecoin, which was launched about six months ago, has generated a whopping $172 million in trading fees for ten leading exchanges, including Binance, Coinbase, and OKX.
Interestingly, these exchanges listed TRUMP despite the fact that 80% of the coin’s supply is controlled by the Trump family and its allies. This concentration of coin supply would, under normal circumstances, raise red flags for exchanges. The report also revealed that while 45 crypto wallets have profited approximately $1.2 billion from TRUMP trades, the vast majority of 712,777 wallets have suffered losses totalling at least $4.3 billion.
The report further highlighted a disparity in the listing speed of TRUMP compared to other memecoins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF). On average, the listed exchanges took 129 days to list these memecoins, whereas TRUMP was listed in just four days due to “overwhelming demand”.
Coinbase, in particular, decided to list TRUMP within a single day, citing confidence that users would interact with the token positively and safely. Despite this swift action, Coinbase was forced to prohibit certain US residents from trading TRUMP due to potential risks pointed out by the New York State Department of Financial Services (NYDFS).
Despite some exchanges, such as MEXC and Bitget, admitting that they overlooked past concerns about TRUMP’s supply concentration, the latest figures suggest a profitable venture, with the Financial Times estimating the memecoin’s operators earning at least $314 million from sales and $36 million from Solana fees in just around three months since its launch.
