Michaela
Roughly 764,000 wallets that have bought the Trump meme coin are now in the red, as the once-surging token has lost value since launch.
According to data provided to CNBC by blockchain analytics firm Chainalysis, approximately 2 million wallets have purchased President Donald Trump’s meme coin. Of those, only 58 wallets earned more than $10 million each, collectively accounting for about $1.1 billion in gains. Wallets that recorded losses were primarily those holding smaller amounts of the token.
Interest in the Trump meme coin surged following the announcement of a May 22 event at his National Golf Club in Washington, D.C. The private dinner will feature a reception honoring the top 25 wallets holding the largest balances of the token and will include a tour of the White House. The project’s official website states that the top 220 token holders are guaranteed seats at the black-tie-optional dinner.
Following the rally, approximately 54,000 new wallets have purchased the $TRUMP token. Overall, Chainalysis reported that 100,000 wallets have acquired the coin since April 15, maintaining momentum despite the ongoing volatility in the broader crypto market.
Trump Meme Coin Dinner Makes Waves
The Trump meme coin has faced increasing regulatory scrutiny since its launch, with recent developments intensifying concerns among regulators.
Launched in January in anticipation of President Trump’s second inauguration, the $TRUMP token initially saw a meteoric rise, reaching a value of $15 billion following a series of promotional posts from the president on Truth Social and X.
In late April, U.S. Senator Jon Ossoff of Georgia expressed support for the impeachment of President Trump, citing concerns over the upcoming meme coin dinner event. Ossoff alleged the president was “selling access” to the presidency by offering exclusive perks to top holders of the $TRUMP token.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense,” Ossoff stated during a town hall meeting.
As the $TRUMP token continues to blur the lines between digital assets and political influence, it has sparked a broader debate about the role of crypto in campaign finance, transparency, and access to power—raising questions that regulators and voters alike may be forced to confront ahead of November.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
