Prominent Chinese traders earn millions from US president’s memecoin
Chinese-language trading accounts have raked in millions of dollars from the launch of US President Donald Trump’s memecoin.
Trump launched his token days before his Jan. 20 presidential inauguration. The memecoin’s market capitalization quickly skyrocketed, briefly placing it among the top 15 cryptocurrencies before a companion token, named after First Lady Melania Trump, made its debut.
The Mandarin-language blockchain media outlet Blockbeats analyzed trading data to report that the TRUMP token’s price spikes coincided with Asian trading hours.
Chain Insight, a Chinese-language key opinion leader wallet tracker, identified 12 Solana addresses of prominent Mandarin-speaking traders as some of the top earners from the TRUMP token’s surge. According to their rankings, 12 accounts each profited over $1 million, with a single trader, known as 0xSun, amassing $27 million. In total, these wallets earned an eye-popping $121 million, according to Chain Insight’s Jan. 22 update.
Chinese-language key opinion leaders with at least $1 million in TRUMP trading profits. (Chain Insight)
A detailed profit-and-loss analysis revealed 28 addresses in total netted profits exceeding $10 million, a threshold met by five of the Chinese-language traders featured in Chain Insight’s rankings.
A look into 0xSun’s wallet activity shows aggressive TRUMP accumulation before official confirmation from the president’s X account. (Solscan)
The token’s explosive debut has not been without controversy. Critics from both the crypto world and political spheres have condemned it.
Congresswoman Maxine Waters accused the token of being a tool for circumventing national security and anti-corruption laws.
“Buyers could include large corporations, allied nations who are pressed to show their ‘respect’ for the President, and our adversaries,…
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