In an unexpected twist in the cryptocurrency world, Chinese-language trading accounts have reportedly raked in over $121 million following the explosive debut of US President Donald Trump’s memecoin, TRUMP. Launched just days before his January 20 presidential inauguration, the token briefly entered the top 15 cryptocurrencies by market capitalization. The buzz escalated further with the launch of a companion token named after First Lady Melania Trump.
Mandarin-language blockchain media outlet Blockbeats revealed that TRUMP token price surges were largely driven by activity during Asian trading hours. Chain Insight, a prominent Chinese wallet tracker, identified 12 Solana addresses belonging to Mandarin-speaking traders as top earners, with one trader, known as 0xSun, amassing a staggering $27 million. In total, 28 wallets profited over $10 million each, highlighting the token’s financial allure.
假如你最高点卖 $TRUMP 能赚多少钱？
— 链智（币圈最强AI金狗预警+KOL社群/钱包信息） (@lianzhi_crypto) January 22, 2025
这几天加密市场如火如荼，从18号特朗普亲自发币，到20号他老婆发币，再到就职典礼未提及加密后资产跌落，这波带来了巨大的机会，也带来了无数踏空情绪
查询自己在 $TRUMP上的卖飞金额：https://t.co/Q4l4emeoV3… pic.twitter.com/DyLTbIeIVp
However, the memecoin’s meteoric rise hasn’t been free of controversy. Critics have voiced concerns over its potential implications for national security and ethical governance. Congresswoman Maxine Waters accused the token of enabling adversaries, including Russia and China, to influence the US political landscape. “This unregulated market could be exploited by sanctioned individuals or corporations to bypass US laws,” Waters stated.
Ethereum co-founder Vitalik Buterin also weighed in, describing politician-backed tokens as “risky to democracy,” warning of potential misuse for personal or political gain.
Despite the criticism, Trump appeared to distance himself from the token. At a January 21 press conference, he remarked, “I don’t know much about it other than I launched it.”
The TRUMP token’s debut underscores a new frontier in the intersection of politics and cryptocurrency, raising questions about the ethical and regulatory challenges of memecoins tied to public figures. With Asian traders seizing massive profits and global regulators raising alarms, the TRUMP token remains a polarizing symbol of the evolving crypto landscape.
Also Read: Bitcoin Price Surge: Can BTC Rally 20% This Chinese New Year?
As the memecoin saga unfolds, its broader implications on politics, markets, and regulations will undoubtedly draw further scrutiny.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
