A recent report has shown that the official memecoin of the US President Donald Trump, Trump, had a faster listing process about crypto exchanges than the average memecoin and millions of dollars in profit for the platforms generated.
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Crypto exchanges benefit from Trump Memecoin
On Monday, Reuters news agency shared An analysis of market data and industrial announcements with regard to the list of the official Trump Memecoin on some of the largest crypto exchanges per market share.
In January, President Trump surprised the crypto industry after launching his official token prior to the start of his presidency. The cryptocurrency rose rapidly to his all times of $ 75, which resulted in a considerable profit for many early investors.
The memecoin, however, was confronted with a heavy return of the community, with various investors called the President’s crypto company a ‘big red flag’.
In particular, 80% of the supply of the cryptocurrency was kept by the Trump family and their partners, which expressed concern about “such a high concentration of ownership”, so that the team behind it can be allowed to sell “large quantities of the price for retail investors”, Reuters noted.
The report claims that stock exchanges ‘large beneficiaries have been from Trump’s embrace of the industry’, because Trump has generated millions of dollars in income for the 10 largest stock exchanges assessed by Reuters.
On the basis of standard costs estimates that have been drawn up for the analysis, the crypto platforms reportedly achieved more than $ 172 million in trading costs since the offer of token. Moreover, token ‘a small group of investors’ favored’, with 45 crypto portfolios that have earned around $ 1.2 billion profit in the last six months.
Nevertheless, since the token trades at 87.1% below the ATH, 712,777 portfolios accumulate a collective loss of $ 4.3 billion, according to Bubblemaps data.
Presidential token SAW Express Listing Process
According to the report, the biggest exchanges, including Binance, Gate.io, Bitget, Mexc, OKX, Coinbase, Bybit, Upbit, Crypto.com and HTX, the token of Trump mentioned “with unusual speed” compared to other recent prominent memecoins, despite the concern of the industry.
The analysis of Reuters showed that eight out of 10 largest crypto fairs Trump mentioned within the first 48 hours since the launch. Coinbase mentioned the memecoin three days later, while Upbit added the token almost a month later, on February 13, on February 13.
In the meantime, the same 10 exchanges took over considerably more to mention Pepe (Pepe), Bonk (Bonk), Fartcoin (Fartcoin) and Dogwifhat (WIF), the four other largest memecoins launched since 2022.
According to the report, all 10 fairs Pepe and Bonk mentioned, while nine aforementioned WIF, and only seven mentioned Fartcoin. For comparison: all 10 scholarships lasted an average of 129 days to sum up these tokens, but only took an average of four days to sum up the presidential memecoin.
Bitget, Mexc and Coinbase reportedly said that they quickly mentioned the token to “respond to the overwhelming demand for the $ Trump Munt.” Gracy Chen, the CEO of Bitget, explained in a explanation that “the crypto space buzzed with the hype and, if any other sign with a growing craze, it was necessary to add Trump.”
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Chen said Reuters that Bitget was also concerned about the delivery figure of 80%, but said that the fact that the upcoming US President has announced the currency on his social media accounts “should solve the problem of compliance a bit.”
“Ultimately, the trading volume of the users, the question … has destroyed the so -called risky factor here,” concluded Bidget CEO.
Trump is currently acting at $ 9.43, a decrease of 2.6% in the daily period.
Featured image of unsplash.com, graph of TradingView.com