Foreign Interests Appear to Be Pouring Millions Into Trump’s Meme Coin
According to a Wednesday report from Bloomberg, over half of the top holders of $TRUMP — a personal cryptocurrency token established days before his inauguration — are likely foreign buyers, who have dumped millions into the project.
And likely not without motive. Last month, the token announced that Trump would be hosting an exclusive May 22 dinner for about 200 of $TRUMP’s largest investors at his Washington, D.C., golf club, leading to a flurry of purchases. According to Bloomberg, “76 percent of the token value held among the top 220 wallets likely belongs to foreign owners because the wallets used exchanges that are not available to U.S. residents.” According to a separate analysis by The Washington Post, roughly $100 million worth of tokens were purchased after the dinner was announced.
$TRUMP’s existence as a piggy bank through which so-far anonymous entities from across the globe can dump untold amounts of cash into the president’s coffers in exchange for exclusive access to his time is a pretty clear cut case of corruption. According to an analysis published by the Associated Press earlier this week, the coin has already generated over $320 million in transaction fees for its creators.
