According to Reuters, the meme coin Official Trump (TRUMP) has brought multi-million dollar profits to cryptocurrency exchanges, and significant income to its creators.
Experts calculated that the meme token TRUMP, launched six months ago, generated at least $172 million in trading fees for ten major cryptocurrency exchanges, including Binance, Coinbase (NASDAQ: COIN), and OKX.
The seven largest exchanges by trading volume for the TRUMP token
Reuters reports that when listing TRUMP, some platforms ignored the fact that 80% of the coins belonged to the Trump family and its partners. Previously, exchanges considered this a barrier to adding it to the platform and a serious issue due to the high concentration of coins.
Journalists from the American publication also noted a significant discrepancy in the time it took cryptocurrency exchanges to list Official Trump and other major meme coins, such as PEPE and BONK.
On average, it takes 10 exchanges 129 days to list these coins. For TRUMP, this period was an average of four days, as reported by Reuters.
At that time, exchanges Bitget, Coinbase, and MEXC explained the hasty listing by the enormous demand for the meme coin.
Considering the information that was publicly available, we were confident that users would be able to interact with the token safely and without any problems, said Coinbase's Chief Legal Officer Paul Grewal.
He also reported that the exchange included the meme coin in the list of 'experimental' tokens to indicate 'certain risks, including price volatility.' However, later his team was forced to block trading of meme coins for some residents of the United States.