NYT reported $2 billion in losses for Trump memcoin investors
Over 813 thousand owners of cryptocurrency wallets lost about $2 billion in 19 days since the launch of memcoin. This was reported by The New York Times on February 11.
"The quick profits of early traders <...> were made at the expense of a much larger number of slower investors, who in total suffered losses of more than $2 billion after the collapse in the price of the token," the publication says.
It is specified that the family and partners of US President Donald Trump, who is the creator of memcoin, received about $100 million in trading fees.
At the same time, the publication pointed out that the profit made by the first buyers of the currency turned out to be colossal, and the total amount of money withdrawn amounted to $6.6 billion.
Trump announced the launch of the $TRUMP memcoin on January 18, two days before his inauguration. The mock currency's slogan reads "Fight, fight, fight." In less than 24 hours, its value quadrupled. The next day, the wife of the American leader Melania Trump also announced the launch of her own memcoin - $MELANIA.
Later, on January 29, the Bloomberg agency reported that some online marketplaces began accepting $TRUMP memcoin for payment. According to the publication, in addition to stores with goods under the president's brand, travel portal Travala.com also began accepting the cryptocurrency as payment.
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