The Official Trump (TRUMP) memecoin, launched just six months ago, has generated a staggering $172 million in trading fees for major cryptocurrency exchanges. This significant revenue stream for platforms like Binance, Coinbase, and OKX highlights the rapid adoption and trading volume surrounding the politically-themed digital asset, despite concerns over its concentrated supply.
Key Takeaways
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The TRUMP memecoin has generated at least $172 million in trading fees for 10 major crypto exchanges within six months.
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Exchanges listed TRUMP significantly faster than other popular memecoins, averaging four days compared to 129 days.
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Concerns about 80% of TRUMP's supply being held by the Trump family and partners were largely disregarded by exchanges due to overwhelming user demand.
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While 45 crypto wallets saw approximately $1.2 billion in profits from TRUMP trades, the vast majority (712,777 wallets) collectively lost at least $4.3 billion.
Rapid Listing and Disregarded Risks
A Reuters report revealed that major crypto exchanges, including Binance, Coinbase, OKX, Gate.io, Bitget, MEXC, Bybit, Upbit, Crypto.com, and HTX, collectively earned $172 million from TRUMP trading fees. This rapid accumulation of revenue is partly attributed to the unusually swift listing of the memecoin by these platforms.
Compared to other popular memecoins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF), which took an average of 129 days to be listed, TRUMP was listed in an average of just four days. Coinbase, notably, made its decision to list TRUMP in a single day, citing
Sources
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Crypto Exchanges Made $172M On Trump Memecoin: Report, Cointelegraph.
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