The crypto coin associated with former President Donald Trump has garnered significant attention and trading activity, resulting in nearly $100 million in trading fees within a short period. The $Trump meme coin, launched on Jan. 17, experienced a rapid surge in value before facing a substantial decline. Blockchain analysis firms, including Merkle Science and Chainalysis, estimated the trading fees generated by the token to be between $86 million and $100 million by Jan. 30, surpassing previous reports.

One of the entities linked to the coin is CIC Digital, a company owned by Trump, which stands to benefit from trading revenue. While it remains unclear how much, if any, of the fees have directly accrued to Trump, the coin’s creators have reaped significant profits. Notably, some of the largest investors have made over $10 million each, while a large number of smaller traders have incurred losses.

Despite criticisms and ethical concerns surrounding the transparency of ownership and potential conflicts of interest, Trump’s crypto ventures continue to draw attention. Promising to become the “crypto president,” Trump aims to position America as a leader in digital assets. However, the opacity surrounding his crypto businesses and their financial impact has raised questions about regulatory oversight and potential self-interest.

The official $Trump website outlines plans to sell up to 1 billion coins over the next three years, with initial sales already generating substantial revenue. The involvement of various entities and individuals in the creation and trading of the $Trump coin underscores the complexities and controversies surrounding Trump’s foray into the crypto world.