Wasn’t this exactly by design? Get lots of supporters to buy in, get the price to surge, and then sell at a profit (the good old ‘pump and dump’)?
Basically a way for foreign actors to make bribes.
Yeah. Assuming he implemented it the way one would expect, the coin value doesn’t matter to him at all.
They don’t even need to sell. The price could drop to zero, Trump already made his money on the initial sale of the coins.
Nobody sane expected the price to go up; the whole thing existed to provide a veneer of plausible deniability for illegal bribes.
I thought he got a percent of every transaction, I swear I heard that at one point. If that is the case then all he would care about is making sure it stays volatile.
That’s it, he makes money going up or going down.
It’s literally how these things work. No one gets rich off meme coins except the people selling at the start.
Unless I’m thinking of a different Trump crypto grift, I’m pretty sure that they blocked wallets from sending/selling the coin after they’ve bought it. So only a handful of specific wallets would have the ability to sell.
So even if a person got in early and watched the price go up, as soon as they tried to realize those profits, they’d find out that they can’t sell the tokens.
Yeah, this is just news for the absolutely 100% idiotic people who purchased then.
I cannot stress enough how profoundly stupid these people were. How completely and utterly hopelessly dumb they are.
It served its purpose of allowing Trump to openly accept bribes.
Total disaster for the bag holders, not for those who pump and dumped
Yep,the scam worked exactly as planned. If only they were half as competent at governing as they are at scamming their cult members.
Whether the Trump family was directly involved in a rug pull, it made gangbusters business, raking in over $100 million in trading fees in just two weeks post-launch.
This was the point of the TrumpCoin scam, not its price. However the coin’s value does reflect on the worthlessness of Trump’s name.
That was certainly not the only point.
It sounds like you’re implying the coin just plummeted at random, and there weren’t any insiders that sold the coin at its highs, knowing it would collapse?
I mean perhaps if you consider the whole Trump aligned insider class sure they know when to buy low, sell high. But the Trump family themselves make out like bandits from trading fees alone, no matter the price.
It appears like that was exactly the point they were making.
Trump supporter checking in on his $TRUMP investment:
How have I never seen this before?!?
Note: you can’t sell without permission so anyone that sold did so with explicit permission knowing that the price would tank.
Who even buys meme coins, seriously? It’s not like you can even buy stuff with them, right?
I’ve heard multiple stories of people spending stupid money on goldplated Trump $1000 bills and trying to deposit them in a bank.
I really can’t imagine any situation where I might feel sympathy for someone who lost money on a memecoin.
MAGAts: Welp, this blew up in my face. But thank god my deposit for the Trump Phone is secured. Can’t wait to get it and support freedom! —- wait, you mean we still don’t have a release date and no one is answering our phone calls? What do you mean it has specs from 2018?
no one is answering our phone calls?
Because they don’t have the phones yet! ;-)
Whether the Trump family was directly involved in a rug pull, it made gangbusters business, raking in over $100 million in trading fees in just two weeks post-launch. As of January, the Financial Times reported that the $TRUMP coin, and it the First Lady’s $MELANIA that followed, have generated about $427mn in sales and trading fees.
Sounds like it worked exactly as intended.
But at least the Trump phone will be okay, right?
Ah yes the guy who famously said that he knows nothing about it other than he launched it. 🙄
Did he extract value from the fiasco without risking anything personally? Then it worked as intended.
