New data revealed that 58 wallets made more than $10 million apiece on President Donald Trump‘s $Trump meme coin, while 764,000 wallets lost money out of the two million that purchased the coin.

According to data from the blockchain analytics firm Chainalysis, the 58 wallets collectively made $1.1 billion in profits.

The $Trump coin was unveiled three days after Trump’s inauguration, and in early March, it lost over 80% of its value.

Because of this, Trump lost over $12 billion after the value of the meme coin crashed.

In late April, the president invited the top 220 investors of his cryptocurrency to a private dinner at the Trump National Golf Club in Virginia, which is black tie optional and set to occur on May 22.

The invite stated that the “top 25 holders are going to be invited for an ultra-exclusive private VIP Reception with Trump.”

After the invitation was posted on the $Trump website and X account, the value of the meme coin increased almost $5.32, or 58%, to $14.32 on April 23.

On May 5, Trump promoted his meme coin on Truth Social, along with a contest associated with it that provides him with access. The coin’s website states that those with the largest balance can attend the private dinner on May 22.

The news caused the coin to surge over 50%, enhancing its total market value to $2.7 billion.

Nearly 54,000 wallets have bought the coin since this promotion started.

Over 50% of the top holders used foreign exchanges, indicating they are based outside the United States.

Even though it has since decreased to almost $2.17 billion, 100,000 new accounts have invested in the meme coin since mid-April.

The Trump Organization and its affiliates control the majority of the token supply.

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Article by Alessio Atria

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