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
    2 hours

    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
      40 minutes

      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.

    • b161@lemmy.blahaj.zoneEnglish
      28 minutes

      Just like the amount the working class “lost” during covid was exactly the same amount that the ruling class “earned”.

  • Lucky_777@lemmy.worldEnglish
    2 hours

    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.

    • CannonFodder@lemmy.worldEnglish
      6 minutes

      The rug pull on MAGAts was only icing on the cake. The main purpose of this was for large scale bribes to the Trump family.