TRUMP Memecoin Generates $172 Million for Top Crypto Exchanges

Top crypto exchanges have reportedly made significant profits from the listing of the TRUMP memecoin, the official cryptocurrency of former US President Donald Trump. The token, launched in January, quickly reached its all-time high of $75, generating substantial gains for early investors. However, the memecoin faced criticism from the community due to the high concentration of ownership, with 80% of the supply held by the Trump family and their partners. This raised concerns about potential market manipulation and price collapses.

The report highlights that the 10 largest crypto exchanges by market share benefited significantly from the TRUMP memecoin. Based on standard fee estimates, these platforms allegedly made more than $172 million in trading fees since the token’s listing. Additionally, a small group of investors, represented by 45 crypto wallets, made around $1.2 billion in profits over the past six months. Despite these gains, the token's current price is 87.1% below its ATH, resulting in a collective loss of $4.3 billion for 712,777 wallets.

The listing process for the TRUMP memecoin was notably faster compared to other prominent memecoins. Eight of the 10 largest exchanges, including Binance, Gate.io, Bitget, MEXC, OKX, Coinbase, Bybit, and Crypto.com, listed the token within the first 48 hours of its launch. Coinbase listed it three days later, while Upbit added it nearly a month later. In contrast, these exchanges took an average of 129 days to list other large memecoins like Pepe (PEPE), Bonk (BONK), Fartcoin (FARTCOIN), and dogwifhat (WIF).

The rapid listing of the TRUMP memecoin was attributed to the overwhelming demand and the hype surrounding the token. Bitget’s CEO, Gracy Chen, stated that the crypto space was buzzing with excitement and that it was imperative to add the token to their platform. Chen also noted that the compliance issue was addressed by the fact that the upcoming US president announced the coin on his social media accounts. Ultimately, the high trading volume and demand overrode the perceived risks associated with the token's high concentration of ownership.