Odaily News Although the Trump administration's regulation of cryptocurrencies is more inclusive than the Biden administration's, analysts believe that the cryptocurrency circle seems to have become a cash machine for the Trump family. The issuance process of memecoin is simple, and if market interest surges, its price can rise sharply from near zero, giving early buyers the opportunity to make huge profits. Cryptocurrency enthusiasts call accounts that take advantage of this feature to make large, early purchases "snipers." Under U.S. financial regulations, memecoins are not considered securities, which means that project sponsors are not subject to federal information disclosure and insider trading rules designed to protect retail investors.
According to statistics, 24 potential "insider" accounts purchased 16.7 million of the 200 million $MELANIA tokens scheduled to be sold during the issuance period. As Trump announced that large holders would be eligible to attend the White House dinner, the price of $TRUMP coins soared, making the 800 million $TRUMP coins still held by the project organizers nominally worth $9 billion. Foreign media previously tracked transactions involving $TRUMP, showing that its issuer made at least $350 million in profit, including both token sales revenue and market making fees.
Hayden Davis, a 28-year-old cryptocurrency entrepreneur from Texas, said he was involved in the issuance of $MELANIA. He also participated in the issuance of $LIBRA meme coin, which was briefly endorsed by Argentine President Milley in February, but later became a cryptocurrency scandal due to price surges and plunges. (Jinshi)