WILL IT BE?

The President of the United States, Donald Trump, gave contradictory answers about whether he has profited from the memecoin cryptocurrency he launched in January, just days before re-entering the White House.

Trump launched his memecoin, Official Trump (TRUMP), on January 17, which peaked at $73.43 two days later, just one day before his inauguration as president on January 20, according to CoinGecko.

The token has experienced a steady decline since its launch, but it surged at the end of last month after its website offered major holders the opportunity to dine with Trump on May 22. It is currently trading at $11.35, nearly 85% less than its peak.

Apparently, Trump was not aware of the recent rise in his token's value and repeatedly asked how much it was worth now.

Two companies, CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight LLC, which is co-owned by CIC Digital, jointly hold 80% of the total supply of 1 billion tokens.

Most of those tokens are locked and will be released over the next three years. In the first unlocking on April 18, 40 million tokens, valued at $454 million, went to CIC Digital.

Trump's memecoin project has made at least $350 million so far, according to a March analysis by the Financial Times, which found that those behind the token made $314 million from its sale and $36 million in commissions.

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