Whales are in control of recently launched Trump family tokens, TRUMP and MELANIA, a Chainalysis report has revealed.
According to the on-chain analysis platform, about 94% of both tokens are held by nothing more than 40 wallets. The platform also revealed that these wallets hold at least $10 million worth of these tokens.
Whales control the TRUMP and MELANIA tokens
According to Chainalysis, about 2.1% of both token investors are whales that hold between $1 million to $10 million. The thread also revealed that only 1.7% of wallets hold between $100,000 and $1 million, while wallets below $100,000 are only about 2.2%. According to DexScreener, TRUMP tokens are spread across 790k, while MELANIA tokens are spread across about 343k wallets. The dominance of crypto whales explains its limited accessibility to ordinary crypto users.
However, the report noted that the token launch was responsible for bringing newbies into the crypto industry. The report noted that about half of these investors crested their wallets on the same day that they bought the token. Meanwhile, there has been speculation about the sustainability of the token in the long term. The team behind the token creation highlighted that the token distribution followed conventional methods.
According to developers, 35% will go to the team, with 20% going to the treasury and community, about 15% will be sold to the public, and 10% will be for liquidity. However, blockchain firm Bubblemaps noted that it is not so, with about 90% of MELANIA being stored in a single wallet. It contradicts the developer’s claims of the allocations being shared.
Meanwhile, most TRUMP tokens have seen considerable gains, with others seeing monstrous profits. Chainalysis noted that about 77% of wallets tagged less than $100, with about 60 whales earning nearly $10 million. Some holders suffered big losses as a result of the pump-and-dump, while only a few suffered losses between $10,000 and $100,000.