In the cryptographic world, meme coins are mostly jokes without intrinsic value. But the Trump family is turning the president’s meme currency into two valuable products: serious effective and access to the president.
Since the currency was launched earlier this year, it has generated more than $ 320 million in rates for its creators, according to the Blockchain Chainysis analysis firm. And Monday, Trump promoted A dinner that will attend on May 22 that is open to almost anyone who buys enough currencies.
According to the rules of the contest, the 220 holders of the Memes coin can go to dinner at the Trump area golf club in the Washington area. The 25 main headlines can also attend a reception in which they can rub their shoulders with Trump in advance.
“Let the president know how many Trump coins he possesses!” The meme currency said in his website promoting dinner.
Commercial activity in La Moneda Meme jumped after dinner was announced for the first time and the price also increased. But Trump do not need to sell coins to earn money.
Decentralization is essential for cryptocurrency. Bitcoin, the most popular cryptography in the world, was born following the financial crisis of 2008 as a digital currency aimed at not controlling banks or governments.
Trump Meme coins can be changed in a decentralized exchange, which is essentially a place where merchants can exchange products without an intermediary.
Instead of matching buyers and vendors one by one, decentralized exchanges use something called liquidity group to ensure that operations may occur easily and instantaneously. Liquidity groups are essentially an automated funds of funds that combine meme coins such as Trump with more popular types of cryptography that can be easily traded.
When Trump Meme currency was launched for the first time, its creators initially launched 20% of the one billion total planned currencies. Half of that 20% was presented for public sale, while the other half was put in a liquidity pool. CIC Digital, an affiliate from the Trump organization, and another company receives “commercial income derived from commercial activities” of Trump Meme coins, according to its website.
Through the liquidity group, the creators of Trump Memes currencies earn money charging small rates in each trade.
“You really don’t care what happens with the price. You only care that there is a continuous volume,” said Nicolai Søndergaard, research analyst at the Nansen Blockchain analysis firm. “Because the more volume there is, that means more trades and, therefore, more rates for you.”
Since cryptocurrency blockchains are public, it is possible to track how much it has been paid in commercial rates. Chainysis said Trump Meme Coin creators obtained more than $ 1.3 million in commercial rates in the week after dinner was announced for the first time. The value of the meme currency increased from approximately $ 9 to around $ 14 just after the ad. I was quoting around $ 11 on Monday afternoon.
Rolling just before assuming the position, Trump’s meme coin has become one of the ways in which the president who breaks the norm has a mixed policy and his personal finances.
The remaining 80% of Trump Memes coins, which are still under a block, has been assigned to CIC Digital and another company. A Ethics Agreement It prohibits Trump for “daily” decision making in the Trump organization when he is president and limits financial information about the business that can be shared with him.
During an interview with NBC “Meet The Press” during the weekend, Trump said he did not follow the changes in the price of his meme currency and dismissed the idea that he was benefiting from the presidency. He also rejected a suggestion that he would renounce the profits obtained from his cryptographic efforts.
“Should I contribute to all my real estate that I have had for many years if I go up a bit because I am president and do a good job? I don’t think so,” Trump said.
The team behind Trump Memes has been aggressively trying to promote the opportunity to eat with the president.
“Good news! President Trump is allowing a person to attend dinner with Trump”, the official account of the meme coin in X saying Last week, encouraging people to respond with memes with Trump. “Our Trump’s favorite memes will be shown to President Trump and we will choose 1 person who arrives at dinner on May 22!”
The creators have also tried to raise the bet offering $ 100,000 with themes Watches to the four headlines of Trump Memes coins.
On Monday night, Trump organized a “closed door crypto AND Innovative dinner of the “collection of funds sponsored by its magician Inc. Super Pac in its golf club outside Washington. An invitation to the event that circulated online instructs the guests to pay $ 1.5 million per person to attend. The White House did not provide a list of attendees, although the Super will eventually be required to enume donors in their regular public disclaimers.
However, it is not clear if the public will know who bought their way at the meme coin dinner with the president. Unlike political donations that must be informed publicly, there is no dissemination requirement for meme coin buyers.
Critics of Trump’s incursion into Memes currencies, which include several Democrats, say that the pseudonym nature of the cryptocurrency gives the bad actors the opportunity to try to improperly influence the president through the purchase of their digital assets.
The Trump Meme Coin website assures those who are registered for the contest that their full legal name and contact information “will never be publicly displayed.”
Instead, the registrants choose a username shown on the website Classification Table. The classification depends not only on how many Trump meme coins that someone has, but also how long.
After number 220, the Board has a breath note for those just below the cut to buy more of the memes coins.
“You are so close. Fight fight your $ Trump dinner.”
——
Associated Press Reporter Will Weissert contributed.
