A Bloomberg report indicates that over half of the top holders of Donald Trump's meme coin, $TRUMP, are likely foreign investors. This follows an announcement of a dinner for top investors at Trump's Washington D.C. golf club, prompting a surge in purchases.
The Washington Post estimates that around $100 million worth of $TRUMP tokens were purchased after the dinner announcement. An Associated Press analysis reveals over $320 million in transaction fees generated for the coin's creators. An NBC News report shows that while 58 wallets profited over $10 million each, approximately 764,000 wallets lost money.
Senators Jon Ossoff and Richard Blumenthal have expressed serious concerns regarding potential corruption and conflicts of interest. Blumenthal initiated a preliminary inquiry into potential legal violations. Senator Chris Murphy introduced the MEME Act to prohibit government officials from profiting from meme coins or similar cryptocurrency ventures. The senators' statements highlight the ethical and legal implications of this situation, emphasizing the potential for foreign influence and the need for transparency.