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An analysis of wallets showed 77% of TRUMP holders earned less than $100, with over 80% of TRUMP or MELANIA holders likely to be investors who held less than $1,000 worth of Solana-based assets.
By Shaurya Malwa|Edited by Parikshit Mishra
Jan 24, 2025, 8:58 a.m. UTC
What to know:
- Donald Trump’s official memecoin was highly profitable for early investors, especially 60 whales who made over $10 million each.
- The memecoin attracted new investors to the Solana blockchain, with about 50% of token holders being first-time buyers for Solana-based tokens.
- However, the concentration of wealth is significant, with 40 whales holding 94% of TRUMP and/or MELANIA
Donald Trump’s official memecoin has been extremely profitable for early buyers and likely unprofitable for many, a Chainalysis finding shows.
An estimated 60 whales — a colloquial term for influential token holders — have realized profits exceeding $10 million each. However, a majority of retail investors were at break-even as of Thursday.
“After 1B $TRUMP tokens were minted, 4 wallets received most of the funds to hold or provide liquidity to exchanges,” Chainalysis said. “Most wallets that hold $TRUMP and/or $MELANIA hold less than $100 worth, suggesting retail buying activity.”
An analysis of wallets showed 77% of TRUMP holders earned less than $100, with over 80% of TRUMP or MELANIA holders likely to be investors who held less than $1,000 worth of assets on the Solana blockchain.
Some 50% of those token holders were likely first-time Solana-based token buyers — meaning TRUMP helped attract newcomers to the overall market. On the other hand, around forty whales holding over $10 million of both tokens accounted for an estimated 94% of overall token possession.
TRUMP prices are down 7% in the past 24 hours, while MELANIA tokens are down 10% as initial hype around the two official memecoins appears to be dying out.
Trump issued his official memecoin before his Monday swearing-in ceremony, where prices rocketed from a few cents to $14 in less than six hours. The token attracted $3 billion in volumes hours after going live and netted early buyers over $70 million in paper gains, as CoinDesk noted.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM,
BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
