Analysis: The cryptocurrency circle seems to have become a Trump family ATM

ChainCatcher News, according to Jin Shi, although the Trump administration's regulation of cryptocurrencies is more inclusive than the Biden administration, the analysis believes that the currency circle seems to have become the Trump family's ATM. The meme coin issuance process is simple, and if there is a surge in market interest, its price can rise dramatically from near zero, giving early buyers the opportunity to make huge profits.

Crypto enthusiasts refer to accounts that take advantage of this feature as "snipers" for large, early-time purchases. Meme coins are not considered securities under U.S. financial regulations, which means that project sponsors are not subject to federal disclosure and insider trading rules designed to protect retail investors.

ACCORDING TO STATISTICS, THE POTENTIAL 24 "INSIDER" ACCOUNTS BOUGHT 16.7 MILLION OF THE 200 MILLION MELANIA TOKENS SCHEDULED FOR SALE DURING THE OFFERING. The price of TRUMP coins soared due to Trump's announcement that large holders would be eligible to attend the White House dinner, making the 800 million TRUMP coins still held by project organizers worth $9 billion in name, and foreign media previously tracked transactions involving TRUMP, showing that its issuer made a profit of at least $350 million, which includes both token sales revenue and market-making fees.

Blockchain analytics firm Chainalysis disclosed data that 58 wallets each made more than $10 million from President Donald Trump's meme coins, with a total profit of $1.1 billion, but 764,000 wallets lost money due to TRUMP, most of which were small holders.

In addition, a 28-year-old crypto entrepreneur from Texas, Hayden Davis, said he was involved in the issuance of MELANIA, and he also participated in the issuance of the LIBRA meme coin, which was briefly endorsed by Argentine President Milley in February before turning into a crypto scandal due to a price spike and crash.

14.42K

The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.