- Trump denies profiting from Solana-based TRUMP coin, says he hasn’t even looked at it.
- Critics raise concerns over 80% of the TRUMP token held by a Trump-linked affiliate.
- TRUMP coin crashes 85% after hype fades, despite Trump’s growing pro-crypto stance.
Addressing growing speculation, President Donald Trump denied receiving any financial benefit from the Solana-based TRUMP meme coin. In an interview with NBC News, when questioned about potential profits from the cryptocurrency bearing his name, Trump stated firmly, “I’m not profiting from anything.”
Further, Trump stated that he was unaware of the token’s performance since its launch and compared the situation to his other business interests, adding, “If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
The President positioned his support for cryptocurrency as predating his time in office. He framed it as a matter of national interest rather than personal gain. When asked whether he would consider donating any cryptocurrency earnings to the government, Trump dismissed the suggestion. “Should I contribute all of my real estate that I’ve owned for many years if it goes up a little bit because I’m President and doing a good job? I don’t think so,” he replied.
Since its inception, the TRUMP token has faced scrutiny, especially after top holders were promised an exclusive dinner with the President. This promotion caused a sharp rise in the token’s value and sparked allegations of potential ethical violations.
Adding to the controversy is the token’s distribution structure, wherein approximately 80% of the supply is reportedly controlled by an affiliate of the Trump Organization. Despite official statements emphasizing that TRUMP is “not a political initiative or investment opportunity but an expression of support for Trump’s ideals,” the close ties between the token and Trump’s business interests have raised concerns.
Powerful Name But Less Traction
Meanwhile, the token’s price history tells a story of volatility typical in the meme coin sector. After reaching an all-time high of $75.35 shortly after launch, the price has since collapsed by more than 85%, leaving early investors at a loss. This price decline has occurred despite Trump’s growing embrace of cryptocurrency during his campaign.
Earlier in 2019, Trump expressed skepticism toward cryptocurrencies and stated they were “not money” and “based on thin air.” For his part, Trump continues to maintain distance from the day-to-day operations and performance of the token that bears his name. However, he simultaneously advocates for cryptocurrency adoption as a strategic necessity for the United States.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
