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Trump Memecoin's Wild Ride: $320M in Fees, Senate Bill Defeated

From a $14.5B launch to a $133M crash, the Trump memecoin's volatile journey has left traders reeling. Now, it's causing political waves in Washington.

In this picture, we see the coin in gold and brown color. We see some text written as "The United...
In this picture, we see the coin in gold and brown color. We see some text written as "The United States Of America". It might be a money coin. In the background, it is brown in color and it looks like a carpet.

Trump Memecoin's Wild Ride: $320M in Fees, Senate Bill Defeated

A controversial coin stock memecoin, $TRUMP, has caused a stir in Washington and on crypto markets. The coinbase backed by firms owned by the Trump Trust, has seen a rollercoaster ride in value and faced political opposition.

The memecoin's journey began with a meteoric rise. On its first day of launch, its value soared to over $14.5 billion. This surge was partly attributed to an announcement that Donald Trump would host dinner invitations with top holders, with prices ranging from $53,500 to $16.4 million. Over $140 million was spent on these dinner ideas.

However, the coin's value increased by over 40% again after Trump's dinner invitation announcement. But the good times didn't last. Within a week, the memecoin crashed to about half its value. Unscrupulous traders made off with almost $133 million during this crash.

Politically, the memecoin has been a lightning rod. The GENIUS Act, a bill aiming to incorporate stablecoins into the US financial system, was defeated in a Senate procedural vote. This rejection was partly due to Trump's crypto involvement, which sparked a backlash in Washington. The bill faced criticism related to concerns about corruption risks and regulatory tensions potentially stifling innovation. Thirty Democrats in the U.S. Senate voted against the bill, but specific names and reasons were not detailed.

Despite the political opposition and market volatility, the Trump memecoin's creators have emerged as the biggest winners. They made over $320 million in trading fees through their firms, CIC Digital and Fight LLC. Meanwhile, approximately 764,000 out of 2 million cryptocurrency wallets that purchased $TRUMP had lost money trading the token, highlighting the risky nature of memecoins.

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