The TRUMP token is down 96% from its peak, and 85% of secondary market wallets for WLFI are underwater, reflecting a broader downturn in the sector.

The TRUMP token is down 96% from its peak, and 85% of secondary market wallets for WLFI are underwater, reflecting a broader downturn in the sector.

  • JasonDJ@lemmy.zipEnglish
    5·
    18 days ago

    3.8 Billion Dollars doesn’t disappear. Saying that the buyers “lost” 3.8 Billion Dollars is only telling half the story, and IMO the least important half.

    Buyers spent 3.8 billion dollars on a coin that is worthless. So who received the 3.8 billion dollars? Most of it went to the people who sold the coin originally.

    In other words, Trump fleeced his base. Again.

    • flamingo_pinyata@sopuli.xyzEnglish
      2·
      18 days ago

      I’m not sure he actually fleeced the big buyers. One of the main “problems” in paying a bribe is how to present the payment as something legitimate.

      If you can maybe just innocently “invest” in some crypto scheme. Totally legitimate investment, just so happened it failed, oh well.

  • jaybone@lemmy.zipEnglish
    2·
    18 days ago

    reflecting a broader downturn in the sector.

    What sector is that, the money laundering sector?

  • Lucky_777@lemmy.worldEnglish
    1·
    18 days ago

    If you knew anything about crypto, you knew this was huge rug pull bait. Win the election, spin up your own coin. The mindless MAGA base buys it up from the election win hangovers then pull the rug.

    Easy money.

  • cideyav138@lemmy.mlEnglish
    1·
    18 days ago

    I thought this was just a mechanism for Trump to take bribes?

    I’m sure there are idiots who tried to play the pump n dump and some MAGAs who deserve whatever comes to them, but I bet a good number of people who “lost money” were insiders recruited to pump the price for political favors.