Former casino tycoon President Trump speculated on TRUMP meme coin, female stock god Wood: won't invest

ARK Invest CEO Cathie Wood said she won't buy TRUMP(, and called it a useless meme coin, and will still focus on Bitcoin, Ethereum, and Solana for Ark Invest's investments.

The Trump meme coin was hyped by Trump himself, but many people may not know that Trump was originally a casino tycoon. In addition to his businesses in real estate and the entertainment industry, he also opened a casino, the Taj Mahal, in Atlantic City, New Jersey, named after the Taj Mahal in India. The architectural design was also inspired by the original site in India and caused a sensation at one time. It is not difficult to see that Trump has an extreme passion for the gambling and entertainment industry, so it's not surprising that he is hyping NFTs and meme coins.

Wood will not invest in Trump Coin and will continue to invest in Bitcoin, Ethereum and Solana

During an interview with Bloomberg on January 22nd, Wood discussed Trump's TRUMP meme coin, which was launched before Trump took office as the 47th President of the United States. Wood believes that the Trump coin will not have any use. Some speculate that owning the Trump meme coin allows you to see the President himself, but Wood does not think this meme coin will have any purpose. She also compared the current memecoin craze to the initial coin offering (ICO) period in 2017. She believes that the ICO movement in 2017 sparked curiosity among newcomers about cryptocurrency technology, whereas now many people are more interested in learning more about cryptocurrency technology.

Last week, TRUMP meme coin soared 490% within hours of its launch, with investors seeing Trumpcoin as the new savior of cryptocurrency.

However, Cathie Wood only expressed continued interest in Bitcoin, Ethereum, and Solana, and is optimistic about the future of decentralized finance. Ark believes that decentralized financial services will focus heavily on the Ethereum and Solana chains. Wood also predicts that the value of Bitcoin will exceed 1 million US dollars by 2030.

Whale holders lead the price of Trump meme coin

According to the blockchain analysis company Chainalysis report, TRUMP meme coin and MELANIA meme coin are controlled by 40 cryptocurrency whales, who hold meme coins worth $10 million or more, accounting for 94% of the total supply.

Wallets holding 1 million to 10 million US dollars account for 2.1% of total holders, while wallets holding 100,000 to 1 million US dollars account for 1.7%. Approximately 2.2% of token holders hold tokens worth less than 100,000 US dollars, highlighting the dominance of high-value holders.

DexScreener data shows that there are 790,000 wallets holding TRUMP and 343,000 wallets holding MELANIA. Despite the high concentration of whale users, Chainalysis also points out that these meme coins have brought a wave of new users to the cryptocurrency, with nearly half of the buyers creating new wallets on the same day of purchasing meme coins.

Trump was once a gambling tycoon, but closed three casinos

Trump once invested in and acquired three casinos in Atlantic City, New Jersey: Trump Plaza, Trump Castle, and Trump Taj Mahal. After financing these three casinos, they all went bankrupt in the following years. This may provide some reference for investors who are interested in investing in Trump Coin. An article will be written later on how Trump started his casino business and went bankrupt.

This article former casino tycoon President Trump stir-fry TRUMP meme currency, female stock god Wood: will not invest first appeared in Chain News ABMedia.