Crypto exchanges listed $TRUMP coin unusually fast despite risks
Major cryptocurrency exchanges listed US President Donald Trump’s meme coin, $TRUMP, at a record pace earlier this year, despite typically long vetting processes and red flags that would usually slow approvals.
The $TRUMP token, launched just days before Trump’s January inauguration, is a meme coin, a digital asset often based on public figures or trends, lacking real value and prone to extreme price swings. After peaking at $75.35 on April 19, it dropped to around $7 within weeks. As of Thursday, it traded near $9.55.
A Reuters review of industry data showed that eight of the 10 largest crypto exchanges listed $TRUMP within 48 hours of its launch. On average, those same platforms took 129 days to list other major meme coins like Pepe, Bonk, Dogwifhat, and Fartcoin.
Coinbase, which claims to apply “rigorous” vetting for every token, listed $TRUMP just three days after adding it to its roadmap. It said it followed standard procedures but acted quickly due to high demand. Several other exchanges gave similar justifications.
The rush raised concerns. Around 80 per cent of the token’s supply was reportedly held by Trump and his partners, a level of insider control that experts say risks market manipulation. Despite this, some exchanges admitted they overlooked the risk due to growing public interest.
Trump’s return to office has also shifted regulatory environment. Since his election, the SEC has pulled back on enforcement actions and stated that meme coins are not securities, a change that eased the way for listings.Meanwhile, the $TRUMP token generated an estimated $172 million in trading fees for exchanges and over $320 million earnings for Trump-linked ventures. While a small group of wallets saw large profits, more than 700,000 investors have suffered collective losses of $4.3 billion.
Despite red flags and regulator warnings, demand and political clout appear to have fast-tracked $TRUMP adoption across crypto market.