Trump meme coin’s creators have already made $320 million in fees as clock ticks toward presidential dinner with top holders
In the world of cryptography, memes are mostly only jokes without intrinsic value. But the Trump family transforms the president's memes piece into two precious products: serious money and access to the president.
Since the launch of the play earlier this year, it has generated more than $ 320 million in fees for its creators, according to the Chainalysis blockchain analysis company. And Monday, TrumppromotedA dinner he should attend on May 22 which is open to almost all those who buy enough parts.
According to the competition rules, the 220 main holders of the meme play will be able to dinner at the Trump region of Trump's region. The 25 best holders will also be able to attend a reception where they can rub shoulders with Trump beforehand.
“Let the president know how many coins $ trump you have!” The same corner said on hiswebsitePromote dinner.
The negotiating activity in the same part jumped after the announcement of the dinner and the price also increased. But the Trumps do not need to sell parts to make money.
How Trump earns money on the piece even
Decentralization is fundamental to cryptocurrency. Bitcoin, the most popular crypto in the world, was born following the 2008 financial crisis as a digital currency supposed to be uncontrolled by banks or governments.
Parts even Trump can be exchanged on a decentralized scholarship, which is essentially a place where traders can exchange goods without intermediaries.
Instead of matching buyers and sellers one by one, decentralized grants use something called a liquidity pool to ensure that transactions can occur easily and instantly. Liquidity pools are essentially a pot of automated funds that combines coins like $ Trump with more popular types of crypto that can be easily exchanged.
When the Trump same corner was launched for the first time, its creators initially published 20% of the 1 billion parts in total planned. Half of these 20% was put to public sale while the other half was placed in a liquidity pool. CIC Digital, a subsidiary of the Trump organization, and another company receive “commercial income from commercial activities” from Trump coins, according to its website.
Thanks to the liquidity pool, the creators of Trump's memes parts earn money by charging tiny costs on each profession.
“You don't really care about what is happening at the price. You just worry that there is a continuous volume,” said Nicolai Søndergaard, research analyst at the Nansen blockchain analysis company. “Because the more volume there is, it means more professions and therefore more costs for you.”
Since the blockchains of cryptocurrencies are public, it is possible to follow the amount of negotiation costs paid. Chainalysis said Trump Same Coin Creators had over $ 1.3 million in negotiation costs during the week following dinner announcement. The value of the same medal increased from around $ 9 to $ 14 just after the announcement. He exchanged about $ 11 Monday afternoon.
Trump minimizes profits
Launched just before taking office, Trump's memes play has become one of the most publicized ways by the president who has a mixed policy and his personal finances.
The remaining 80% of Trump's same parts, which are still under locking, were allocated to CIC Digital and another company. Aethics agreementForbidden Trump to make “daily” decisions to the Trump organization when he is president and limits financial information on the company that can be shared with him.
During an interview with NBC's “Meet The Press” during the weekend, Trump said that he had not followed the price oscillations of his meter piece and rejected the idea that he was taking advantage of the presidency. He also rejected the suggestion that he would make the benefits made from his crypto efforts.
“Do I have to contribute to all my real estate that I have had for many years if it increases a little because I am president and that I do a good job? I do not think,” said Trump.
Heavy promotion
The team behind Trump's coins tried aggressively to promote the possibility of eating with the president.
“Good news! President Trump allows another person to attend dinner with Trump”, the official right -of -corner account on xsaidLast week, encouraging people to respond with memes featuring Trump. “Our favorite $ Trump memes will be shown to President Trump and we will choose 1 person who will arrive at dinner on May 22!”
The creators also tried to go up the bet by offering $ 100,000 on Trump's themewatchesto the four main holders of Trump coins.
Unknown guests
Trump on Monday evening organized a collection of funds “Crypto & Ai Innovators Dinner” at the door to pigs sponsored by its Maga Inc. Super Pac in its golf club outside Washington. An invitation to the event that circulated online educated people invited to pay $ 1.5 million per person to attend. The White House has not provided a list of participants, although the Super CAP will ultimately have to list the donors in its regular public disclosure.
It is not clear if the public will never know who bought his way in the money dinner with the president. Unlike political gifts which must be reported publicly, there is no requirement for disclosure for buyers of coins.
Critics of Trump's foray into coins, which include several democrats, say that the pseudonym nature of cryptocurrency gives the bad players the possibility of trying to influence the president unduly by buying his digital assets.
Trump's website same Coin assures those who register for the competition that their full legal name and their contact details “will never be presented publicly”.
Instead, registrants choose a username displayed on the websiteranking.The classification depends not only on the number of memes Trump parts that someone has, but also on duration.
After n ° 220, the board of directors has a note of encouragement for those who just below the cut to buy more coins.
“You are so close. Fight Fight Fight Fight for your $ Trump dinner.”
This story was initially presented on Fortune.com
