Trump Claims No Profit from TRUMP Meme Coin, Dismisses Market Volatility

In an interview with NBC News, U.S. President Donald Trump stated that he does not profit from the TRUMP meme coin and «doesn’t track it.»

Journalist Kristen Welker asked about the politician’s branding of his own cryptocurrency and raised concerns regarding criticisms related to the use of his position to promote the asset.

On January 18, just two days prior to his inauguration, Trump announced the launch of the “official” meme token on the Solana blockchain. Within 24 hours, the TRUMP price surged to $77, with the fully diluted valuation reaching $62 billion. At the time of writing, the coin is trading approximately 85% below its all-time high.

On April 23, the announcement of a gala dinner for the top 220 TRUMP holders featuring the president himself resulted in a roughly 60% increase in the token’s price. This announcement also triggered a significant spike in on-chain activity among coin holders.

Trump claimed he «didn’t even know» about the implications of the announcement.

«I’m not profiting from anything. Everything I do started long before the election,» he commented.

According to him, he has not been following the assets he owns, although cryptocurrencies have performed «much stronger» when markets declined.

As per the tokenomics of TRUMP, 80% of the total supply of 1 billion tokens belongs to CIC Digital (a subsidiary of the Trump Organization) and Fight Fight Fight (co-owned by CIC Digital). The tokens are gradually unlocked over three years.

According to calculations from the New York Times, by mid-February, the cumulative losses for TRUMP investors had reached $2 billion, while organizations linked to the asset had earned $100 million solely in fees by that time. The Financial Times reported in March that companies associated with the project had earned $350 million.

In the interview, Trump referred to cryptocurrencies as «a hot topic for millions of people.»

«I think crypto is important. If we don’t take action, China will,» he remarked.

He also noted that former President Joe Biden had been «fiercely» opposed to the industry but changed his stance before the elections to garner the support of digital asset advocates.

Trump’s competitor in the presidential race beginning in July 2024 will be Kamala Harris, with Biden having withdrawn from the campaign.

It’s worth mentioning that the gala dinner for TRUMP holders was referred to in the Senate as “exceeding any previous standards for impeachment.”