President Donald Trump could have already inked more than $800 million in income following the launch of his memecoin, according to Coinbase director Conor Grogan.
The Official Trump (TRUMP) memecoin launched in mid-January a few days before Trump’s presidential inauguration.
[adinserter block="1"]It is already the 40th-largest crypto asset by market cap.
Grogan notes on the social media platform X that the project’s team has sent $482 million worth of the stablecoin USDC, Solana (SOL) and TRUMP to exchanges. He also says they hold $240 million of USDC in out-of-range liquidity and $50 million in range, and they’ve made $29.3 million in USDC fees.
The Coinbase director also says he’s not including the $16 billion worth of TRUMP that the team still holds.
“This $800 million+ liquidity event dwarfs even the Bored Ape Otherside launch ($285 million raised +$181 million in burned gas). And I’m not even including the Melania meme launch…
Caveats: they might not have sold all of the crypto they sent to exchanges, but I’m also being pretty conservative in other areas (eg not counting Trump LP meteora fees or wallets I’m less sure of).”
TRUMP is trading at $19.28 at time of writing. The controversial memecoin is up more than 12.5% in the past 24 hours but down more than 36% in the past seven days.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
