Here is the Current Donald Trump Net Worth Thanks to His New Meme Coin
The net worth of President-elect Donald Trump balloons nearly 700% thanks to his Solana-based meme coin.President-elect Donald Trump caused a significant buzz over the weekend with the unexpected launch of a meme coin, Official Trump (TRUMP), on the Solana network just days before his inauguration. This coin, which has unsurprisingly seen rapid success, may have now ballooned Trump into crypto billionaire status.Trump's Net Worth Up Nearly 700%?Trump's net worth on paper has ballooned nearly 700% from about $7 billion per a Forbes estimate just over a week ago to about $53.5 billion per the TRUMP price of $58.15 at the time of writing, which theoretically places him among the top 30 richest persons in the world.This net worth would have been around $71 billion when TRUMP traded at highs near $80, an over 10 times increase from Forbes' previous estimate.This potential boost comes as CIC Digital LLC, a Trump-controlled entity, holds 80% of the TRUMP token supply. For context, TRUMP has a 1 billion token supply, putting Trump's potential stake at 800 million coins. These coins have a three-year unlock schedule, which theoretically allows Trump to access and sell an average of 24 million TRUMP a month, worth nearly $1.4 billion at current prices, per an Axios estimate.The official TRUMP project website asserts that the meme coin is not an investment product but rather a means to express support for the project's ideals.However, this has not stopped ethical debates around the project, especially as crypto looks set to benefit from the president-elect's promised policies.A Family AffairAs the debates and hype around TRUMP rage on, the incoming first lady, Melania Trump, has also launched her own eponymous meme coin, Official Melania Meme (MELANIA). Unsurprisingly, MELANIA has also seen rapid success, hitting a market cap of over $2 billion overnight and trading around the $11 price point.Unlike TRUMP, however, only 35% of MELANIA is reserved for the project's team.
Text source: The Crypto Basic
