President Trump’s official memecoin is arguably the most talked-about cryptocurrency this year. Only two days before taking office on January 20th—the President launched his official $TRUMP coin, which at the time generated as much market volume as backlash by critics.
While certainly unexpected, no one knows for sure how the Trump token will behave during his Presidency. Many considered that the memecoin would become a sort of “meter” for the President’s popularity—while others argued that the scheduled founder sales over time would lead to a gradual decrease in value.
It is certainly too soon to say, but on February 17th, the Federal holiday for “President’s Day”, the $TRUMP token had an unexpected performance.
On this date, the memecoin plunged by over 8% in value, trading as low as $16.25 during its lowest point of the day. According to CoinMarketCap, the currency is down by 8.25% over the last 24 hours, adding up to 36.52% losses in the month.
$TRUMP is still up by 166% since its debut, but it’s down 73% since its ATH on January 19. These numbers reveal a worrisome perspective as it means only investors who bought the token during its early hours are able to hold it at a profit today.
Founders Made $100 Million in Fees
A report from Reuters revealed how the entities involved in the launch of the cryptocurrency have made over $100 million from trading fees involving the token.
CIC Digital LLC, an affiliate of the Trump Organization, and Celebration Cards LLC, owner of the “Fight Fight Fight LLC”, are the companies responsible for issuing $TRUMP, as well as collecting trading fees.
It is not unusual for cryptocurrency projects to collect trading revenue. Many use the funds to keep the ecosystem afloat, paying developers, investing in marketing strategies, and developing new projects.
The $TRUMP token does not disclose how the fees are used.
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