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Trump Meme Coin Sparks Foreign Influence and Security Fears
With the Trump meme coin dinner already looming on the horizon, nearly everyone at the top of the invitation list is likely to be outside the USA. Many of the biggest holders of the $TRUMP seem to be using wallets linked to international crypto exchanges like Binance that don't serve American customers.
The coin was launched in January just before the inauguration and rocketed to a $15 billion market cap within moments, boosted by President's posts on Truth Social and X stating, "It's time to celebrate everything we stand for: WINNING! ".But within days, the token lost most of its value. A small rebound in April witnessed it jump 50% on the news of dinner, taking its market cap to $2.7 billion, before it fell again.So dinners are a means to bring the coin into popularity.
Anonymous Wallets Raise Big Questions
On May 22, U. S. President is to have a private dinner with the 220 top holders of the tokens. The event will take place at his Virginia Golf Club near Washington, D.C. most wallet holdings of the most trump meme coin are anonymous.This makes it hard to know who these investors really are, or why they bought in. buying these digital currencies
gave them a seat at the dinner table with the President.
Data from blockchain research firm Inca Digital shows that many top wallets are tied to overseas exchanges like Binance, which does not serve the U.S. customers. It strongly indicates a lot of the leading holders are not Americans.
Most Top Holders Likely Not Americans
Bloomberg’s analysis found that 19 of the top 25 wallets are probably owned by people outside the U.S. This has raised concerns about who might be trying to gain influence in President’s circle through the meme currency.
One of the most talked about holders is Justin Sun, the China born founder of the Tron blockchain. He openly purchased $75 million worth of other linked tokens and is said to have the most Trump meme coin. Sun is also negotiating with the SEC for civil fraud charges. A wallet known as "Sun" is said to contain more than $18 million of $TRUMP, adding $4.5 million shortly after the dinner event was announced. Many believe this wallet belongs to Justin Sun, though his team has not confirmed it.
Singapore and Australia Join the Leaderboard
MemeCore, a crypto group from Singapore, pushed hard to earn a dinner invite and ended up in second place with $18 million in Trump meme coin. Reports also say an Australian crypto investor made it into the top 220.
Highs and Lows
The Trump meme coin has been very up and down. Inca Digital shared that over 560,000 wallets made $5.2 billion in profits. But even more wallets, nearly 593,000, lost a combined $3.9 billion. This shows just how risky this has been.
Blockchain firms Chainalysis and Elliptic were tracking the U.S. President's linked DeFi currency at first. But after a report showed huge losses by many wallet holders, the firm said they were too busy with other clients to continue analyzing it.
Lawmaker Sounds Alarm Over Foreign Influence
Senator Richard Blumenthal warned that the President's growing crypto ties, especially through the Trump meme coin, could open a backdoor for foreign and business interests to reach him without the public knowing.
Control of the Coins
Approximately 80% of the supply of Trump meme coins is held by his own company and its allies. The coin has become the centre of his crypto brand and financial power in the digital space. The White House responded that Trump's crypto holdings are in a trust managed by his children, and there is "no conflict of interest" with regard to the the U.S President's crypto currency.
Crypto Risks Rises
The Trump meme coin illustrates the way political leaders going into crypto can attract international attention and funds but at the risk of foreign control and market volatility. Combined with incidents like the recent Coinbase hack in which users lost money as a result of a hack, it indicates the imperative to have tighter rules and investor protections within crypto.
visit- CoinGabbar
#TrumpMemeCoin #BTC #TrumpMemeCoinPrice #DonaldTrumpMemeCoin
The coin was launched in January just before the inauguration and rocketed to a $15 billion market cap within moments, boosted by President's posts on Truth Social and X stating, "It's time to celebrate everything we stand for: WINNING! ".But within days, the token lost most of its value. A small rebound in April witnessed it jump 50% on the news of dinner, taking its market cap to $2.7 billion, before it fell again.So dinners are a means to bring the coin into popularity.
Anonymous Wallets Raise Big Questions
On May 22, U. S. President is to have a private dinner with the 220 top holders of the tokens. The event will take place at his Virginia Golf Club near Washington, D.C. most wallet holdings of the most trump meme coin are anonymous.This makes it hard to know who these investors really are, or why they bought in. buying these digital currencies
gave them a seat at the dinner table with the President.
Data from blockchain research firm Inca Digital shows that many top wallets are tied to overseas exchanges like Binance, which does not serve the U.S. customers. It strongly indicates a lot of the leading holders are not Americans.
Most Top Holders Likely Not Americans
Bloomberg’s analysis found that 19 of the top 25 wallets are probably owned by people outside the U.S. This has raised concerns about who might be trying to gain influence in President’s circle through the meme currency.
One of the most talked about holders is Justin Sun, the China born founder of the Tron blockchain. He openly purchased $75 million worth of other linked tokens and is said to have the most Trump meme coin. Sun is also negotiating with the SEC for civil fraud charges. A wallet known as "Sun" is said to contain more than $18 million of $TRUMP, adding $4.5 million shortly after the dinner event was announced. Many believe this wallet belongs to Justin Sun, though his team has not confirmed it.
Singapore and Australia Join the Leaderboard
MemeCore, a crypto group from Singapore, pushed hard to earn a dinner invite and ended up in second place with $18 million in Trump meme coin. Reports also say an Australian crypto investor made it into the top 220.
Highs and Lows
The Trump meme coin has been very up and down. Inca Digital shared that over 560,000 wallets made $5.2 billion in profits. But even more wallets, nearly 593,000, lost a combined $3.9 billion. This shows just how risky this has been.
Blockchain firms Chainalysis and Elliptic were tracking the U.S. President's linked DeFi currency at first. But after a report showed huge losses by many wallet holders, the firm said they were too busy with other clients to continue analyzing it.
Lawmaker Sounds Alarm Over Foreign Influence
Senator Richard Blumenthal warned that the President's growing crypto ties, especially through the Trump meme coin, could open a backdoor for foreign and business interests to reach him without the public knowing.
Control of the Coins
Approximately 80% of the supply of Trump meme coins is held by his own company and its allies. The coin has become the centre of his crypto brand and financial power in the digital space. The White House responded that Trump's crypto holdings are in a trust managed by his children, and there is "no conflict of interest" with regard to the the U.S President's crypto currency.
Crypto Risks Rises
The Trump meme coin illustrates the way political leaders going into crypto can attract international attention and funds but at the risk of foreign control and market volatility. Combined with incidents like the recent Coinbase hack in which users lost money as a result of a hack, it indicates the imperative to have tighter rules and investor protections within crypto.
visit- CoinGabbar
#TrumpMemeCoin #BTC #TrumpMemeCoinPrice #DonaldTrumpMemeCoin
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