Technology
Trump Memecoin Likely Generated at Least $11 Million in Fees, Analysis Shows
- Official Trump cryptocurrency was launched before inauguration
- Token surged to more than $14 billion in value after its debut
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Donald Trump’s namesake memecoin has likely generated at least $11.4 million in fees for entities linked to the president since its launch just before his second inauguration, according to an analysis by the crypto risk modeling firm Gauntlet.
The crypto world was caught by surprise when the “official” Trump memecoin was released late on Jan. 17 by the former crypto skeptic turned supporter. The ensuing exuberance swelled the market value of the token to more than $14 billion, spurring speculation that it could potentially earn billions for Trump, while also raising concern about conflicts of interest.