Whales control Trump family tokens: Chainalysis

Crypto whales reportedly “dominate” token holdings for the Trump family’s recently launched Official Trump (TRUMP) and Melania Meme (MELANIA) tokens. In an X thread published earlier today, on-chain analytics and intelligence platform Chainalysis revealed that almost 94% of the Solana-based TRUMP and MELANIA token supplies are held by just 40 wallets, with each wallet holding over $10 million. Only 2.2% of Trump token holders have invested less than $100,000 The rest of the distribution of TRUMP and MELANIA token holders provides a dramatic contrast: whales holding $1 million to $10 million represent only 2.1% of both the tokens’ investors, according to the Chainalysis X thread. Meanwhile, wallets that have invested between $100,000 and $1 million represent 1.7% of the meme coins’ holders. Wallets below $100,000 only hold 2.2% of the cryptos’ supplies. Data from the DexScreener , a data resource for decentralized applications and crypto tokens, shows that the TRUMP token has attracted 790,000 wallets, while the MELANIA token is spread across 343,000 wallets. Despite the large number of holders, the dominance of whales explains the tokens’ limited accessibility to ordinary crypto fans. Interestingly, these meme coin releases appear to have triggered a surge of interest among newbies. Chainalysis found that approximately half of the tokens’ investors set up new wallets on the same day they purchased the tokens, which suggests the Trump family meme coins may have attracted a new wave of investors. However, the long-term impact and sustainability of the recently-launched political meme coins remains to be seen. The teams behind the TRUMP and MELANIA meme coins, which were both launched in the past weekend, claim token distribution for the meme coins follows conventional norms. According to the projects’ developers, 35% of the tokens’ supply has been set aside for the team, 20% of each crypto’s supply has been allocated towards treasury and community, 15% for public sale, and 10% for liquidity. However, blockchain analytics platform Bubblemaps said otherwise in an X post yesterday, and pointed out that approximately 90% of the MELANIA token supply is stored in a single wallet. This contradicts the claims made by the meme coin’s team. Meanwhile, most TRUMP token holders have made moderate profits and a few have even managed to record incredible gains. Chainalysis claims that 77% of holders gained less than $100. On the other hand, 60 whales have earned nearly $10 million alike. Some of the holders also suffered major losses due to a sudden pump and dump and very few holders suffered losses between $10,000 to $100,000. From Zero to Web3 Pro: Your 90-Day Career Launch Plan