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CRYPTO will happen and become a reality of daily life, when and if the students of the world decide to do so with the approval of The Global Founder Framers of !WOW!. ONLY 2/3rd majority will work as approval.
$TRUMP : QUICK PROFITS - but plenty of losers. Some traders pocketed tens of millions of dollars from Trump's memecoin.
The curious trade came a little past 9 pm on Jan 17 - a $1096, 109 bet less than two minutes after the soon-to-be president of the United States posted on his social media account that his family had issued a cryptocurrency called '' $Trump.''
In those five minutes, a crypto wallet with a unique identification code beginning 6QSc2CX secured a giant load of these tokens - 5,971, 750 of them - at the opening price of just 18 cents each, starting a surge in the $Trump price that would soon reach $75 pertoken.
This early trader, whose identity is not known, walked with a two-day profit of as much as $109 million, according to an analysis performed for The New York Times.
But the fast profits for early readers, whose names are unknown but some of whom appear to be based in China, came at the expense a large number of slower investors who cumulatively suffered more than $2 billion in losses after the price of the token crashed.
As of recent weeks, more than 10,000 wallets had lost money on the bet, according to an examination that the crypto forensics firm Chainalysis performed for The New York Times.
The total losses are almost certainly much larger. The data does not include transactions that took on a series of popular crypto marketplaces that started offering the coin only after its price had already surged.
The price of $Trump hovered around $17 last week, than a quarter of its $75 peak value.
Whether people made or lost money, it was stellar business for the Trumps. Nearly $100 million in trading fees have flowed to the family and its partners, although most of us that has not yet been cashed out, the Chainalysis data shows.
President Trump set of this scramble three before he was inaugurated, leading to a rapid boom-and-bust sequence that has raised questions about the dangers of the so-called memecoins, a type of cryptocurrency on an online joke or celebrity mascot.
He promoted the coin on his own social media platform and on Elon Musk's X, saying : '' Join my very special Trump Community. GET YOUR $TRUMP NOW.''
The chain of events is hardly surprising, several former state and federal financial regulators said.
It is effectively a part of the design of the entire namecoin industry, which is legal but largely unregulated. The trading is built on large early buys by sophisticated traders who pump up the price only to sell their holdings as less experienced retail investors follow their lead and buy in and often end up with losses.
What makes this situation particularly troubling, to government watchdogs and former regulators, is that the Trump family is profiting from this pattern at the same time that Mr. Trump is rapidly moving to bring an abrupt end to a regulatory crackdown on crypto by several government agencies.
This Master Essay Publishing continues. The World Students Society thanks Eric Lipton and David Yaffe-Bellany.
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