Crypto exchanges rushed to list Donald Trump’s $TRUMP coin, leading to massive volatility. Eight top exchanges listed it within 48 hours—far faster than average—driven by Trump’s backing and investor hype. This rapid rollout generated $172 million in fees for exchanges and huge profits for insiders, with 45 wallets earning $1.2 billion. However, over 800,000 wallets reportedly lost $2–4.3 billion as prices crashed. Critics flagged centralization concerns, as Trump and associates controlled 80% of the supply. The episode has sparked regulatory scrutiny and ethical concerns over political figures launching meme coins with insider advantages and little protection for retail investors.