TRUMP Token Made $320M—But Who Actually Got the Money?

Key Takeaways

• The TRUMP token generated over $320 million, with most profits traced to Trump-linked firms and insider wallets.
• One wallet holds 80% of the supply, raising concerns about centralization and price control.
• 95 early buyers labeled as “winners” lost a combined $8.95 million despite gaining early access.
• On-chain data suggests the project was tightly managed and structured to benefit a small group.

One wallet still holds 80% of the TRUMP token supply. The top 10 wallets hold more than 90%. 

Who is benefiting from TRUMP?

Since its launch, the token has sparked heated debate and raised serious questions about the boundaries between crypto, money, and politics. 

The token debuted on Jan. 17, 2025, just before Donald Trump’s inauguration, and generated more than $320 million in revenue. Reports show it briefly reached $75.70 before dropping to $7.64 by April 9. At the time of writing, the token trades at $8.60.

The promotion of the token was closely linked to Trump’s campaign and became a tool for rallying supporters. 

Trump hyped it on social media, and the project included promises tied to token acquisition.

This article uncovers what caused the token’s rise and collapse. It examines who profited, and how regulators responded.

How the TRUMP Token Fueled PolitiFi Hype

The TRUMP token was a tool to promote Trump’s return to office in 2025, but it also inflated some crypto wallets. 

The initial buzz surrounding Trump and crypto grew after Trump publicly criticized central bank digital currencies and made a positive statement about crypto. 

As part of Trump’s campaign, promoters positioned TRUMP as a loyalty token for the “Make America Great Again” (MAGA) base and Trump’s core supporters. Trump himself also promoted the coin. 

As a result, the project became a primary example of a PolitiFi token, a trend in which political figures use crypto to promote their brands. It shows the intersection of politics, culture, crypto, and economics. 

Using Trump’s political momentum and crypto-friendly stance, the TRUMP token became a speculative asset, mixing political identity with meme coin hype. But how was it orchestrated and who was behind the scenes?

TRUMP, Social Media and Crypto Hype

Donald Trump promoted the token on Truth Social and echoed crypto-friendly views on X. 

His network shaped the rollout, handled the payments, and helped drive public attention. 

Part of the strategy involved juicy promises for TRUMP investors, including non-fungible tokens (NFTs), private dinners, and other perks, eventually becoming tangible for some of the main holders. 

The launch week arrived, and the price went up fast.  Reports placed its fully diluted valuation near $25 billion at its peak. But, as more buyers joined, early wallets began moving tokens to exchanges.

Who Is Behind It: Trump Allies, Influencers, and Insider Whales

Trump licensed his name and image for the TRUMP token project but claimed he was not involved in operations. 

CIC Digital handled the licensing. Fight Fight Fight LLC and CIC Digital LLC issued the TRUMP token and control 80% of the TRUMP supply. 

Trump’s family and close associates played a role in Trump’s crypto ventures, and specifically in TRUMP token. For example:

• Bill Zanker, a longtime Trump associate, played a key role in building the TrumpCoin project and its marketing campaign.
• Melania Coin also added to the wave of Trump-branded crypto projects. Rumours about other Trump-related family tokens fueled interest. 
• Additionally, Trump’s sons backed the family’s crypto expansion. World Liberty Financial, a firm tied to the Trump network, listed them as senior advisors. The company played a key role in managing token exposure and helping coordinate public messaging across Trump-linked digital assets.

• Donald Trump’s crypto venture, World Liberty Financial, is facing growing controversy over its alleged connections to Dough Finance, a failed DeFi protocol that lost over $2.1 million in a 2024 exploit. The project was co-founded by Trump’s sons along with real estate developer Zach Witkoff.

On-chain data shows that insider wallets received large allocations early. Early holders took profits while new buyers pushed the price up. As a result, some investors started to worry about pump-and-dump scheme connections.

Who Cashed In: Trump-Linked Firms and Inner Circle Holders

According to reports, 95 of the 220 wallet holders labeled as “winners” and invited to the Trump crypto gala have actually lost money since buying $TRUMP. Their combined losses reached about $8.95 million, even though they entered early in the project.

However, not everyone has lost money in this venture.

• 58 wallets: As reported by CNBC , data from Chainalysis shows that 58 wallets each earned over $10 million from $TRUMP trades, with combined profits reaching around $1.1 billion.
• Donald Trump and affiliated firms: CIC Digital LLC and Fight Fight Fight LLC, two companies tied to Trump’s network, control 800 million out of the 1 billion total $TRUMP tokens. Reports from multiple blockchain analysis platforms show these entities earned up to $350 million through trading activity and token sales by mid-2025.
• Melania Trump’s team: The team behind the $MELANIA project holds a large share of the token supply, reportedly up to 35%. At its 2025 peak, that stake exceeded $1 billion in value, which was a direct result of the speculation aroundTRUMP memecoin.

Other TRUMP Investors

• High-profile token buyers: The role of wealthy token holders has raised questions about the potential for hidden agendas behind major $TRUMP investments. Crypto mogul Justin Sun, along with a group of roughly 60 investors, reportedly spent $18 million worth of tokens to secure attendance at a Trump gala dinner. Their participation has fueled debate about whether large crypto holdings can be used to gain political access and influence. Additionally, Sun’s connections and investments in the WLF project have drawn further scrutiny.
• GD Culture Group: This China-linked firm announced plans to invest $300 million in $TRUMP and Bitcoin. The move raised concerns about its broader interests, including influence over U.S. policy, as it came during active debates about a possible TikTok ban.
• Barstool Sports founder: Not all investors raised concerns about political interests. Dave Portnoy, cashed out $1 million in one day, mainly due to fear of missing out (FOMO).

Even with token profits distributed across some tens of wallets, the top wallet still holds 80% of the $TRUMP supply. The next two combined addresses hold just over 4%, and the distribution drops sharply afterward.

This extreme imbalance, confirmed by on-chain data, has raised concerns about control, price manipulation, and whether regular holders were ever meant to benefit from the project’s rise.

TRUMP Token Fuels Questions on Ethics, Access, and Securities Law

As the TRUMP token gained traction, the administration’s crypto stance fueled enthusiasm and controversy among investors and regulators. 

These are some of the key issues that have shaped the public debate:

• Public support for crypto: The Trump administration has openly backed cryptocurrencies and rejected central bank digital currencies (CBDCs). Supporting TRUMP is at the center of the debate.
• Conflict concerns: Critics argue that the president should not participate in any project that benefits from market speculation or crypto fundraising.
• Security debate: Legal experts continue to question whether the TRUMP token meets the definition of a security under U.S. law.
• Exclusive events: Trump hosted private dinners for crypto donors and early token holders, raising concerns about access and political influence.

Conclusion

The TRUMP token is a memecoin with political implications wrapped in crypto speculation. Trump licensed his name, but firms tied to his circle controlled most of the supply and earned hundreds of millions during the token’s rise.

Many early buyers ended up with losses, even those invited to private events. On-chain data shows the project was tightly controlled from the startraising concerns about centralization. 

The $TRUMP case shows how political branding can concentrate financial power in a few wallets and how politics influence the debate surrounding it. 

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