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On Wednesday, the team after the official Donald Trump Memein It sparked a trade rage after announcing that investors holding the largest amount of cryptocurrencies in the coming weeks would be invited to a gala dinner attended by the US president.
“At this intimate private dinner, listen to first -hand President Trump to talk about the future of cryptocurrencies (sic),” read RANKINGS on the Trump coin website. “The most exclusive invitation in the world. Only for the $ 220 Trump’s Merry Currency holders.” Dinner is set to take place on May 22.
Traders rushed to buy the Trump currency, some trying to clash on the invitation list and others simply hoping to benefit, according to analysis by the Blockchain Nansen analytics firm. Within an hour, his price had increased by nearly 60 percent.
However, for the two organizations that own 80 percent of the currency supply – CIC Digital LLC and Fight Fight Fight LLC, the results of a Conglomerate owned by Trump – the market price was a secondary concern. In the immediate deadline, those firms benefit largely based on how often people trade it.
When Trump announced his dumb In January, both organizations Funelled 10 percent of the overall supply In a so -called liquidity pool, the purpose of which is to ensure that the asset can be freely marketed. In exchange for the supply of liquidity and promise to buy and sell the currency while trade comes-to-known as making market-organizations approached by Trump Command a fee. This fee ranges from 0.1 to 10 percent of each trade depending on the current level of demand. Think of it as growth prices in a greeting application.
“If you have a currency and check the market making and tariffs created, what you care about is the volume and price movement, not the price itself,” says Nathan Van der Heyden, head of business development at Crypto Aragon.
Previously, Trump -related entities apparently Won tens of millions of dollars in trading tariffs about the Trump currency. In the 24 hours after the dinner announcement, $ 1.6 million in fees were collected by contributors to the Trump liquidity pool in Meteora, the exchange through which the sign was initially started. Most of this money will be collected at the Digital and Fight Fight Fight CIC as the largest contributors to the pool, based on Previous reports.
On paper, Trump -related organizations also relate to any trump price ratings, as they are so far the biggest holders. But in practice, they are forbidden to sell their coins, in part by a mechanism that limits entry to their properties For a three-year period, and partly from the perspective of a reaction coming from the inevitable decline in the price caused by any major sales.
“The optics of the benefit of selling your currency is terrible, and the benefit of making the market is dark enough to protect your reputation,” says Van der Heyden.
