Ripple and Galaxy Executives Provide $160M Loan to MoonPay for TRUMP Token
Executives from Galaxy and Ripple played key roles in the successful launch of Donald Trump’s meme coin, TRUMP, on January 18. The token's market cap soared from $200 million to over $10 billion within 48 hours.
Key Events During TRUMP Token Launch
- TRUMP generated over $20 billion in trading volume shortly after launch.
- MoonPay faced a liquidity crisis, needing over $100 million to support trading activities.
- MoonPay sought loans from Galaxy's Mike Novogratz and Ripple's CEO Brad Garlinghouse.
- Initial loan of $100 million proved insufficient due to ongoing high demand.
- MoonPay repaid both loans in full once it accessed its fiat accounts.
Despite its explosive start, TRUMP has since declined over 79% from its peak on January 19, illustrating the volatility associated with meme coins.