Donald Trump denied accusations of profiting from the $TRUMP token

Donald Trump has denied that he is receiving financial benefits from the $TRUMP memecoin, an official cryptocurrency launched a few days before his inauguration, Coindesk reports.

According to Chainalysis, the $TRUMP token has generated $900,000 in commissions for its creators in just two days. The majority of the tokens (80%) are controlled by wallets owned by CIC Digital LLC (which managed Trump’s NFT collection) and Fight Fight Fight LLC, which is co-owned by CIC Digital.

"I’m not profiting from anything," Trump told NBC News in an interview, noting that he doesn't track the price of the token and calling any income "incidental." "If I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting," he added.

The $TRUMP token is currently trading at around $11.20, down from a record high of $44.19, but its price has increased by 20% over the past month.

The White House also recently announced that the 220 largest holders of the $TRUMP token will be invited to dinner with the president.