Entities behind President Donald Trump’s crypto coin have accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms, a large windfall from a venture that has seen tens of thousands of small traders lose money.

Donald Trump’s meme coin, TRUMP, has lost 75% of its value despite the former president’s enthusiastic promotion. According to CoinDesk,

Speculative meme coin funds will test the Securities and Exchange Commission’s boundaries under President Trump.

CIC Digital, a company owned by Trump, is one of the entities behind the coin. Its official website states that CIC Digital will receive trading revenue from the meme coin's activities. The exact portion of fees that may have gone to Trump personally, or the ownership details of the other entities involved, remain unclear.

The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

The $Trump memecoin, launched by Donald Trump just a few days before stepping into the White House, raked in nearly $100 million in trading fees in under two weeks. Since then, tens of thousands of small traders have suffered losses.