Crypto exchanges rapidly listed Trump’s memecoin, $TRUMP, within 48 hours—an unusually fast rollout driven by hype and political ties. Despite 80% of the token’s supply being controlled by Trump-linked entities, exchanges like Binance and Coinbase moved forward, sparking concerns over manipulation and ethics. The coin soared to a peak market cap of $27 billion before crashing sharply, wiping out billions in value. Over 700,000 wallets suffered collective losses estimated between $2–4.3 billion. Meanwhile, early insiders and select whales reportedly gained over $1 billion, and exchanges earned hundreds of millions in fees. The episode highlights regulatory loopholes and transparency issues.