Donald Trump’s Memecoin Generates Over $800 Million Amid Market Volatility

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Donald Trump’s Memecoin Generates Over $800 Million Amid Market Volatility

Coinbase director Conor Grogan shared insights that memecoin of former U.S. President Donald Trump has amassed over $802 million in time since its debut.  

Grogan pointed out that the digital asset, which became popular in few days, received major capital flow, with over $482 million TRUMP tokens and USDC and SOL redirected to various exchanges.

However, the token’s journey has not been a stable one from the start. Its value has tumbled 76% from its peak, and it dropped an remarkable 18% in the past day alone. Despite, USDC has a large amount of $240 million in out of range liquidity as well as $50 million actively in range.

The Impact of TRUMP Tokens on Project Profits

Using his analysis, Grogan estimates that transaction fees have resulted in over $29.3 million in USDC going into the project’s earnings. But he hinted that the profits could be even higher, because he has a large reserve of TRUMP tokens valued at $16 billion, which he still controls. 

Still, the estimates do not reflect LP fees from Meteora or undisclosed wallets and so the financial implications are open to speculation.

Then there’s Melania Trump’s own meme token venture for which her husband has never issued a comment which isn’t factored into these calculations, but is another intriguing byproduct of the cryptified Trump market.

Memecoin’s Record-Breaking Launch and Initial Surge

At first, memecoin reached a new all time high of $75.35 at launch on January 18, catching attention from some crypto lovers and political scientists alike. 

However, its decline in the last day or so has been due to the general market volatility of many digital assets. Investors are keeping an eye on weekly losses of more than 30%, as it is unclear whether the token will rebound at all or lurch down further.

The latest development shows how memecoins can be indeed volatile and to what extent they are resilient. With people in positions of political power embracing cryptocurrency, the space becoming more and more political, although perhaps not in the typical sense.

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