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The authorities responsible for the digital currency of U.S. President Donald Trump generated nearly $100 million in trading fees in less than two weeks, according to estimates from three companies specializing in blockchain data analysis..
Rapid Rise and Sharp Decline
The digital currency, known as $Trump, was launched on January 17, and quickly experienced a sharp rise, reaching a total market value of over $14.5 billion on January 19, just one day before Trump’s inauguration.
However, the currency later faced a sharp decline, losing two-thirds of its value since then, leading to significant losses for individual traders who entered the market during its peak.
Three data companies specializing in cryptocurrencies, including Merkle Science and Chainalysis, analyzed the data on the blockchain, a public ledger showing all transactions related to the $Trump currency, for Reuters. The companies estimated that trading fees for this currency ranged between $86 million and $100 million by January 30.
These estimates far exceed what had been reported previously.
One of the entities behind this cryptocurrency is CIC Digital, owned by Donald Trump. According to the official website of the $Trump currency, CIC Digital "will receive returns from trading fees resulting from trading activities" related to the currency.
