- The controversial Trump meme coin has endured a topsy-turvy ride over the past few days, making some rich and others furious.
- Well-known Aussie radio host Kyle Sandilands claimed to have made close to $700k on the coin, following a $10k investment.
- This is mathematically impossible.
- Sandilands also admitted he hadn’t sold any of the crypto, and the coin’s value dropped 40% after his on-air comments.
The general consensus among the crypto community is that greater regulatory clarity is a good thing. No matter the proponent.
But some of the goodwill US President Donald Trump built among the Web3 space has eroded following the controversy over his self-titled meme coin.
In some ways, the immense community reaction shows just how engaged the world is becoming with the crypto space. A president releasing their own digital currency was almost unthinkable less than 12 months ago.
But in other ways, it raises some questions around insider trading, conflict of interest and why Kyle Sandilands deserves to make more money.
Related: Trump’s World Liberty Financial Buys ETH, Can it Push Price Higher?
Sandilands’ 70x Investment On Trump Coin
Everyone’s favourite radio presenter (hey, it’s been the #1 ranked show for ages, so it must be you who’s wrong), Kyle Sandilands, reportedly raked in a cool $700k from the Trump meme coin frenzy.
“Let’s say two or three in the morning. Trump launched his TRUMP coin. I jumped in with $10,000 and I’ve made $700,000. By the time I woke up, I was $700,000 richer.”
This riveting tale, filled with twists and turns, conveniently divulges nothing on whether Sandilands’ huge win was realised, or remains purely as paper gains.
However, he later admitted he hadn’t sold any of the crypto.
As we all know in crypto, when your favourite project is down 98% since your investment and you’re desperately holding the bag – you haven’t lost until you sell (thanks to your Diamond Hands).
Well, the inverse is also true Kyle, especially after the Trump coin dropped 40% following the on-air comments.
Naturally, the Aussie community was thrilled to hear that Sandilands had made nearly a million in paper gains.
Social media, in particular, was kind to the radio presenter, with one pundit calling him a “tosser”, while another went with “fool” to describe the man.
Others simply refuted the amount he supposedly made on his investments.
So unless Sandilands can defy the laws of physics (possible), or is a Trump insider (less possible), it seems pretty unlikely he made $700k off TRUMP Token with a $10k investment. Makes for a nice headline though!
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