A Trump-branded memecoin has proven to be a windfall for crypto exchanges, racking up at least $172 million in trading fees in just six months, according to a report from Reuters.
The cryptocurrency, simply named TRUMP, has been listed by major platforms like Binance, Coinbase, OKX, and Crypto.com, among others. Despite concerns over its concentrated token supply—with 80% reportedly controlled by Donald Trump’s family and affiliates—many exchanges rushed to capitalize on surging user interest.
Speedy Listings Raise Eyebrows
Typically, exchanges take months to evaluate and list new memecoins. Coins like Pepe (PEPE) and dogwifhat (WIF) saw an average wait time of 129 days. In contrast, TRUMP was listed in just four days on average, with Coinbase making the decision in a single day.
According to Coinbase’s Chief Legal Officer Paul Grewal, the exchange saw enough public information to feel confident that users could engage with the token “positively and safely.” However, Coinbase still restricted access for users in New York, citing warnings from the New York State Department of Financial Services (NYDFS), which had flagged memecoins as vulnerable to manipulation and speculative losses.
Who Profited — And Who Didn’t
While 45 crypto wallets reportedly gained a combined $1.2 billion from TRUMP-related trading, a staggering 712,000+ wallets ended up losing at least $4.3 billion overall. Despite this, the TRUMP token’s high trading volume meant that exchanges walked away with substantial profits, regardless of user outcomes.
Ignoring the Red Flags
Some platforms admitted to brushing aside traditional red flags—like supply centralization—in order to meet overwhelming demand. Bitget CEO Gracy Chen acknowledged the risks, stating that although most of the supply was team-controlled, the “user trading volume and enthusiasm overrode” those concerns.
This isn’t the first time Trump’s memecoin activity has come under scrutiny. Earlier this year, the Financial Times reported that the coin’s backers had already earned $314 million in token sales and another $36 million in Solana-related fees within its first three months.
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