58 Wallets Made Over $10 Million Apiece on Trump Meme Coin — While 764,000 Lost Money: Report
(Jonathan Raa / Sipa USA)
Exactly 58 wallets cashed in over $10 million each on President Donald Trump’s meme coin while a staggering 764,000 wallets are sitting on losses, according to a new report from Chainalysis.
The Trump-themed token, $TRUMP, exploded onto the blockchain scene earlier this year ahead of the president’s second inauguration, but it looks like the coin has delivered purely for a particular elite class of mega-profiteers.
Those 58 wallets have collectively pulled in $1.1 billion in profits, according to data shared with CNBC. Meanwhile, the vast majority of holders — mostly small-time investors — have been left holding the bag. Of the 2 million wallets that have purchased the coin, three-quarters are in the red.
A major price surge followed the project’s announcement that top token holders would gain access to a black-tie-optional dinner with Trump himself. That May 22 event at Trump National Golf Club in D.C. includes a White House tour and a private reception for the top 25 wallets.
The dinner-linked frenzy briefly pushed the coin’s market cap to $2.7 billion, though it has since dipped to around $2.17 billion. Still, 100,000 new wallets have jumped in since mid-April.
The Senate’s Permanent Subcommittee on Investigations has launched a formal probe into the coin’s opaque ownership and revenue mode on Tuesday, questioning whether the project — and the affiliated World Liberty Financial venture, which sends 75% of revenue to the Trump family — constitutes a conflict of interest for a sitting president.
Adding fuel to the fire is the coin’s ties to foreign investors, including a UAE state fund and crypto figure Justin Sun, and the fact that only 20% of the token’s supply is in public circulation. The other 80% remains locked — under control of the Trump Organization and related entities.
Chainalysis says more than $324 million in trading fees have flowed to project-linked wallets, with the token’s code automatically skimming profits from each transaction.
