More Than 800K Have Lost $2B on Trump’s Meme Coin
www.thedailybeast.com
The token’s price has crashed from $75 to $17.

Summary

Donald Trump’s cryptocurrency, $Trump, has led to $2 billion in investor losses.

Launched three days before his inauguration, the meme coin initially surged from $0.18 to $75, allowing early traders to profit massively.

However, its value has since plummeted to $17, leaving over 810,000 crypto wallets at a loss.

Meanwhile, Trump and his family have earned over $100 million in trading fees.

    • pineapple_pizza@lemmy.dexlit.xyz
      3·
      2 days ago

      Technically it’s not really an investment in his business, it’s more like buying a collectable with limited supply. But yes, it’s still dumb to buy this coin lol

  • huquad@lemmy.mlEnglish
    23·
    2 days ago

    My heart goes out to these people. In order to help make them whole, I’ll be launching a new crypto currency. This one is going to the moon, so go ahead and buy now!

    • jacksilver@lemmy.world
      17·
      2 days ago

      A lot of concern I’ve heard is that it’s possible he’s using it as a payment method for bribes/influence. Since they make money on fees, you could literally just trade the coins back and forth to yourself and “give” trump money.

      • ddh@lemmy.sdf.orgEnglish
        5·
        1 day ago

        You can also just rent his hotel rooms and leave them empty, like the Saudis. He’s opened so many channels to funnel money to him for favour.

  • SinningStromgald@lemmy.world
    12·
    2 days ago

    Crypto is like backing a Kickstarter or Gamefound project: Don’t invest any money you can’t afford to loose.

    I’m going to guess a fair number of these people didn’t follow that rule.

    • iamanurd@midwest.socialEnglish
      4·
      2 days ago

      That’s regular crypto. This is that plush a dash of trump. I’d stick with only the first half of your advice. 😉

  • GrymEdm@lemmy.world
    9·
    2 days ago

    As much as I don’t want regular people to suffer, this is like hearing about someone who thought everyone who didn’t drink bleach was stupid and they were going to prove something by downing it. At no point was that coin a good idea for anyone except the ones who got on early and guessed the right time to dump it, and that information was very freely available.

    I’d say maybe losing a lot of their own money will finally teach people not to trust Trump, but a) we are so far past the point of trust based on logic and facts that I doubt it and b) it’s too late anyways, they’ve already given him monarch levels of power and money. Plus Trump will probably blame the crash on malicious immigrants blatantly and black women slyly (DEI) and his base will lap it up.