President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
While I agree with the sentiment here, the market cap of the coin is currently at 7.6B according to https://coinmarketcap.com/currencies/official-trump/
Anyone know why there’s such a big discrepancy here? Maybe I’m misread?
Circulating vs total supply?
That’s how they got the number but it’s a big mistake to use total supply. Also it’s not because the market cap is 12G that Trump received 12G. It’s probably much much lower. He must have made only 50 to 100M in fees, if any. And the price he sold the coins at was much much lower than today