Trump's Crypto Surge: 200K Addresses Lose Millions in TRUMP Coin Frenzy

Blockchain analytics firms have revealed that around 200,000 addresses have experienced losses due to transactions involving the TRUMP coin. According to estimates from three blockchain analytics companies, the entity behind the former U.S. President Trump's cryptocurrency earned nearly $100 million in transaction fees in less than two weeks. However, thousands of small traders suffered losses due to the TRUMP coin.

The TRUMP token was launched on January 17th and quickly surged in value. Analysis from three crypto data firms, including Merkle Science and Chainalysis, showed that as of January 30th, the TRUMP token had generated $86 to $100 million in transaction fees. One of the entities behind this cryptocurrency is a company owned by Trump called CIC Digital. The official website of TRUMP stated that CIC Digital would "derive transaction revenue from the trading activity" of this meme coin.

Approximately 200,000 crypto wallets, mostly containing small amounts, suffered losses due to the TRUMP coin. This highlights the risks associated with investing in meme coins and the importance of thorough research and understanding of the underlying technology before making any investment decisions.