Analysis: The crypto seems to have become a cash machine for the Trump family

Odaily Planet News: Although the Trump administration was more accommodating towards crypto regulation compared to the Biden administration, analysts believe the crypto circle has become a cash machine for the Trump family. Meme coins have a simple issuance process, and if market interest surges, their prices can dramatically rise from near-zero, providing early buyers with massive profits. Crypto enthusiasts refer to accounts making large, early purchases as "snipers". According to US financial regulations, meme coins are not considered securities, meaning project initiators are not bound by federal information disclosure and insider trading rules designed to protect retail investors. Statistics show that 16.7 million of the 200 million $MELANIA tokens predefined for sale were purchased by 24 potential "insider" accounts. As Trump announced that large token holders would be eligible to attend White House dinners, the $TRUMP coin price soared, making the 800 million $TRUMP tokens still held by project organizers nominally worth $9 billion. Previous foreign media tracking of $TRUMP transactions revealed that its issuers earned at least $350 million, including both token sales revenue and market-making fees. Hayden Davis, a 28-year-old crypto entrepreneur from Texas, stated he participated in the $MELANIA issuance and also in the $LIBRA meme coin launch, which briefly gained Argentine President Milei's endorsement before evolving into a crypto scandal due to price spikes and crashes.