U.S. President Donald Trump has reportedly amassed $802 million in digital assets since launching the TRUMP memecoin.
Trump Team Holds Billions in Memecoins
U.S. President Donald Trump has amassed digital assets valued at $802 million since launching the TRUMP memecoin over two weeks ago, according to Conor Grogan, a director at Coinbase. More than half of these assets, totaling $482 million and consisting of USDC, SOL, and the memecoin, have been transferred to exchanges, he said.
In a Feb. 3 post on X, Grogan revealed that Trump’s team holds $240 million in USDC stablecoins in out-of-range liquidity, with an additional $50 million in-range. The Trump team has generated over $29.3 million in USDC fees. Notably, the team still retains $16 billion worth of TRUMP memecoins.
Grogan commented on the significance of the memecoin launch, though his exact remarks were not specified.
“This $800M+ liquidity event dwarfs even the Bored Ape Otherside launch ($285M raised +$181M in burned gas). And I’m not even including the Melania meme launch…”
The Coinbase director acknowledged that the Trump team may not have sold all the cryptocurrency sent to exchanges, but insisted that his estimates were conservative in other areas.
Also Read: Trump Unveils World Liberty Financial, Embraces Crypto
Trump Memecoin Ignites Interest in Crypto
After surging to above $70 just hours before Trump’s inauguration, the TRUMP memecoin has trended downward. On Feb. 3, the memecoin dropped below $20 for the first time since Jan. 18, leaving it with a market capitalization of just over $18.5 billion.
Meanwhile, an analysis by NFT Plaza shows that the launch of TRUMP ignited interest in cryptocurrency, with searches for “crypto” and “buy crypto” skyrocketing by 203% and 376%, respectively, in the past year. On the other hand, searches for phrases such as “how to buy meme coins” and “best meme coins to buy” went up by a whopping 9,900%.
Chris Thomas, a spokesperson for NFT Plazas, argued that the launch of Trump’s meme coins “illustrates the unpredictable nature of cryptocurrency investments, where rapid price swings and heavy speculation can lead to substantial financial risk.”
However, Thomas noted that while both Trump and his wife’s meme coins have sparked a brief surge in interest, the frenzy demonstrated to investors the risks associated with this type of digital asset.
Source: Bitcoin
