Trump Mim Queen has already achieved $ 320 million as fees as the watch is heading towards presidential dinner with senior owners
In the world of encryption, Meme currencies are often just jokes without fundamental value. But the Trump family is distorting the president’s coin to the president into two valuable commodities: dangerous money and reaching the president.
Since the launch of the currency earlier this year, it has generated more than $ 320 million of fees for its creator, according to Blockchain Analysis. On Monday, TrumpIt was promotedDinner is scheduled to attend on May 22, open to anyone who buys enough coins.
According to the competition rules, the best 220 Meme holders will go to dinner at the Golf Club in Washington. The 25 best holders will get a reception where they can rub the shoulders with Trump in advance.
“Let the president know the number of Trump coins you own!” Mimi’s currency said inWebsitePromotion of dinner.
Trading activity jumped in Mimi after announcing dinner for the first time and the price also rose. But Trumps does not need to sell any metal currencies to earn money.
How Trump earns money from the M -currency
Decentralization is essential in the cryptocurrency. Bitcoin, the most popular encryption in the world, was born in the aftermath of the 2008 financial crisis as a digital currency that is supposed to be not controlled by banks or governments.
Trump Mimi currencies can be traded on a decentralized stock exchange, which is basically a place where merchants can switch goods without an intermediary.
Instead of matching buyers and sellers one by one, decentralized stock exchanges use something called the liquidity gathering to ensure trading easily and immediately. Liquidity baths are mainly an automatic bowl of money that connects meme currencies such as $ TROMP with more popular types of encryption that can be easily traded.
When Trump Mim was first launched, its installations initially released 20 % of a total of one billion coins. Half of that 20 % was placed for sale in general while the other half was placed in the liquidity set. CIC Digital, a Trump company, and another company receives “trading revenues derived from commercial activities” from Trump Mimi currencies, according to its website.
By collecting liquidity, Trump’s MEME Coal Coins earn money by imposing small fees on every trade.
“You are not really concerned with what is happening at the price. You just care about the presence of a continuous size,” said Nightsen, Nikolai Sondargard, Nansen Research Analyst at Nansen. “Because the greater the size of the size, this means more deals and thus more fees for you.”
Since Blockchains cryptocurrency is general, it is possible to track the amount of commercial fees paid. A series of creators at Trump Mim Quinn said more than $ 1.3 million of commercial fees in the week that was announced for the first time. The value of the Mimi currency jumped from about 9 dollars to about 14 dollars after the announcement. It was trading about $ 11 on Monday afternoon.
Trump reduces profits
He was launched before he took office, Trump’s Meme coin has become one of the most prominent ways that the president who mixes politics and personal finance suffers.
The remaining 80 % of Mimi currencies in Trump, which are still under the closure, are allocated to CIC Digital and another company. andEthics AgreementTrump is prohibited to make “daily” decisions in Trump when he is president and limits financial information about the business that can be shared with him.
During an interview with “Meet The Press” from NBC during the weekend, Trump said he had not followed price fluctuations for Mimi’s currency and rejected the idea that he was benefiting from the presidency. He also refused to suggest that he would give up any of his encrypted arguments.
“Should I contribute to all my real estate that I have for many years if it increases a little because I am a president and do a good job? I don’t think so,” Trump said.
Heavy promotion
The team behind Mimi coins in Trump is trying to strengthen the opportunity to eat with the president.
“Good news! President Trump allows another person to attend dinner with Trump,” the official Mimi account on XHe saidLast week, people encourage people to respond to the memes that show Trump. “Our favorite $ TROMP Memat will be offered to President Trump and we will choose one person who will get dinner on May 22!”
Creators also tried to raise the bet by offering $ 100,000 under the title TrumpWatchesTo the four best holders of Mimi Trump coins.
Unknown guests
On Monday night, Trump hosted the closed “Crypto & Ai Innovators Dinner” donation collection. Super Pac at Golf Club outside Washington. An invitation to the event that was distributed online guides those invited to pay $ 1.5 million per person to attend. The White House did not present a list of attendees, although Super Pac will eventually ask donors to the donors in its regular general disclosure.
Whether the audience will never know who bought his way to Meme Coin dinner with the president is unclear. Unlike the political donations that must be publicly reported, there is no condition for revealing the purchase of Meme.
Critics of Trump’s invasion of the coins, which includes many Democrats, says that the borrowed nature of encrypted currencies gives bad actors the opportunity to try to influence the president in an unjustified way by buying its digital assets.
Trump Meme Coin guarantees those who register in the competition that their legal name and full communication “will not be publicly shown.”
Instead, registrants choose a user name that is displayed on the websiteTotal board.The arrangement not only depends on the number of Trump Mimi currencies that someone holds, but also on the duration.
After No. 220, the Board of Directors has a note from the encouragement of those who are less than cutting to buy more coins.
“You are very close. Fighting for your $ Trump dinner.”
This story was originally shown on Fortune.com
