Trump Team's Crypto Holdings Revealed
According to Coinbase director Conor Grogan, U.S. President Donald Trump has accumulated $802 million in digital assets since launching the TRUMP meme coin just over two weeks ago. In a February 3 post, Grogan revealed that more than half of this amount — $482 million in USDC, SOL, and meme coins — has been transferred to exchanges. The team also holds $240 million in USDC stablecoins as 'out-of-range' liquidity and $50 million in 'in-range' liquidity. Transaction fees generated from the meme coin have exceeded $29.3 million in USDC. Notably, the team still retains $16 billion worth of TRUMP tokens.
Grogan compared this liquidity event to the Bored Ape Yacht Club's Otherside mint, noting that Trump's operation dwarfed Otherside's $285 million raise and $181 million in gas fees. He also pointed out that Melania Trump's meme coin launch was not included in the figures. While cautioning that not all crypto sent to exchanges may have been sold, Grogan maintained his estimates are conservative.
Meme Coin Price Volatility
The TRUMP meme coin surged above $70 hours before Trump's inauguration but has since declined sharply. By February 3, the token fell below $20 for the first time since January 18, with its market cap dropping to $18.5 billion. This price action underscores the extreme volatility inherent in politically-themed digital assets.
Search Surge Highlights Crypto Mania
Analysis by NFT Plaza reveals that the TRUMP meme coin launch has significantly boosted public interest in cryptocurrencies. Over the past year, searches for 'crypto' rose 203%, while 'buy crypto' queries surged 376%. More astonishingly, phrases like 'how to buy meme coins' and 'best meme coins to buy' saw a staggering 9900% increase, indicating a rush of new entrants into the meme coin space.
Chris Thomas, a spokesperson for NFT Plaza, stated that the Trump meme coin 'demonstrates the uncertainty of cryptocurrency investing, where rapid price swings and high speculation can lead to significant financial risk.' He added that while the frenzy sparked by Trump and his wife's meme coins has generated temporary excitement, it also serves as a cautionary tale about the risks of such digital assets.