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$TRUMP Coin Listed in Record Time – Did Crypto Exchanges Put Investors at Risk?
The recent listing of Donald Trump’s meme coin, simply called $TRUMP, has raised concerns among investors and experts alike. The coin was listed by eight top crypto exchanges within a record 48 hours of its launch, bypassing their usual review timelines.
This unprecedented speed is raising red flags about the safety of retail investors. Despite clear warning signs that are usually taken seriously, including an alarming 80% of the total supply being controlled by Trump and his partners, the exchanges moved swiftly to list the coin.
The lack of due diligence has put a significant number of investors at risk. The data analyzed by Bubblemaps reveals that around half a million wallets made small gains, while 712,777 wallets suffered combined losses of $4.3 billion. On the other hand, only 45 wallets profited to the tune of $1.2 billion.
The sudden crash in price from $75.35 to around $9.55 within just two days has left many investors reeling. This sudden and drastic change is a clear indication that exchanges allowed Trump’s meme coin to be listed without proper scrutiny, putting retail investors at risk.
In the past, crypto exchanges have taken weeks or even months to review and list tokens. However, in this case, they expedited the process due to strong demand from users. While user demand may seem like a valid reason for such haste, it raises concerns about the priorities of these exchanges.
The lack of transparency and proper review has led to a catastrophic outcome for many investors. It is crucial that regulators step in to ensure that crypto exchanges prioritize investor safety over fast listings.
Source: coinpedia.org
