Does Trump’s associates own $2.3 trillion in memecoins?

US President Donald Trump and his entourage have already made tens of billions of dollars in revenue (at least on paper) through the official TRUMP and MELANIA tokens launched on Solana over the past three days.

Currently trading at $42, TRUMP has surged to a market capitalization of $8.8 billion, making it the 25th largest coin in the entire cryptocurrency ecosystem, behind some CoinDesk 20 coins such as Polkadot (DOT) and Litecoin (LTC). (CoinDesk 20 is an index of the top 20 cryptocurrencies by market capitalization, excluding memecoins, stablecoins, and exchange coins.)

MELANIA’s market capitalization rose to $945 million, ranking 121st among token projects.

According to on-chain data, the TRUMP treasury wallet currently holds $35.5 billion in tokens and $17.5 billion in other memecoins named after members of the Trump family, including Eric Trump and Kai Trump. Wallets marked as official Trump releases have $622 million in tokens, including another $147 billion memecoin named after Vice President JD Vance, and nearly $162 billion in other coins. Unlike the Trumps, Vance has not revealed on social media that he is launching a memecoin.

TEAM TRUMP HAS A DIFFERENT COMPOSITION OF MELANIA. About 77% of the token supply is held in three different wallets, two of which are listed on Solscan as belonging to the Melania team, with a fourth wallet holding 3.7% of the supply. Assuming all four wallets belong to Team MELANIA, the Trump family currently holds $4.8 billion worth of those tokens.

Importantly, two wallets on Solscan, labeled Melania Treasury and Melania Liquidity, own 33.7% of MELANIA’s supply, each holding $295 billion worth of VANCE tokens. In fact, 25% of the VANCE token supply is held between these two MELANIA wallets and the TRUMP launch wallet.

Counting only the official Trump and Melania Meme coins, Team Trump could have around $40.9 billion on-chain. But if you add up all the other coins these wallets hold, that number increases to about $810 billion.

And considering that the MELANIA and TRUMP wallets hold a huge supply of VANCE tokens, they are likely operated by the same entity that launched VANCE in the first place. If so, it’s worth pointing out that the VANCE Treasury currently holds nearly $1.5 trillion worth of memecoins. For reference, the overall market capitalization of Bitcoin (BTC) hovers around $2 trillion. The crony’s total holdings, at least on paper, could be around $2.3 trillion.

Of course, this does not mean that the Trump team can liquidate that much. That’s a lot of paper assets. These wallets own a huge chunk of each token’s supply, so if Team Trump starts taking profits, selling pressure will likely cause the market to split. A $35.5 billion profit cannot be realized on a coin with a market capitalization of $8.8 billion, and the same problem applies to MELANIA and VANCE tokens.

Additionally, the Official Trump and Melania Meme Project has a vesting schedule. This means that holders cannot sell their tokens whenever they want. Trump’s team will have to wait at least three months to start selling, and even then they will only be able to slowly profit from a few coins at a time. Meanwhile, the Melania Meme project will start unlocking within 30 days.