According to the New York Times, traders of long-term growth in U.S. President Donald Trump's new cryptocurrency have accumulated billions of dollars after the value of meme coins continues to collapse.
800,000 people who bought coins suffered more than $2 billion in losses. NYT Report explain. It noted that the Trump family and their partners have received nearly $100 million in transaction fees since the coin was launched three days before the president’s inauguration.
The Meme Coin (Trump $$) starts at just 18 cents and hits its peak of $75 per token in two days. It has been losing value since then, and its current value is about $16 per token.
The NYT report also noted that some early traders who bought and sold coins quickly made huge gains, including an unknown businessman who caused $109 million in just two days. It added that some of these early traders appear to be based in China, citing posts by Chinese cryptocurrency platform Lianzhi.
Experts who spoke with NYT cited concerns about Trump promoting his own cryptocurrency while driving regulatory scrutiny of the industry. “The president is participating in a dark crypto program that harms investors, while appointing financial regulators who will revoke protections for victims and potentially save him and his family from law enforcement,” one expert said.
Read the full report: The New York Times
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