The Untold Winners of the Trump Memecoin Frenzy | When US president Donald Trump launched his own cryptocurrency, he sparked a trading frenzy. A constellation of little-known crypto platforms quietly profited.

Extract:

>Though many billions of dollars changed hands amid the [orgy of trading](https://www.wired.com/story/trumpcoin-biggest-backers/) inspired by the TRUMP memecoin, only a [small minority of traders](https://www.bloomberg.com/graphics/2025-trump-token-memecoin-crypto-finance/?srnd=undefined) turned a profit. The vast majority either lost money or just about broke even.

>The value accreted far more reliably to the [Trump-affiliated company administering the coin](https://www.reuters.com/markets/currencies/trumps-meme-coin-made-nearly-100-million-trading-fees-small-traders-lost-money-2025-02-03/) and the crypto service providers—among them Raydium—that together make memecoin trading possible. Other components of the “memecoin industrial complex,” as a hedge fund manager [once described it](https://www.wired.com/story/madcap-rise-of-memecoin-factory-pumpfun/), include the Solana network on which the [bulk of memecoin](https://dune.com/vijays/memecoin-volume-by-chain) transactions take place, firms that provide wallet software for storing coins, liquidity providers that ensure coins can be traded readily, entities that aggregate pricing data, and so on. They all stand to benefit from an increase in trading activity.