Trump 'scam' cost MAGA devotees over $4B: expert

According to journalist and investment analyst Steve Ratner, Donald Trump abused his fans to the tune of over $4 billion with a crypto scam that has all the signs of insiders cashing in at the expense of the MAGA true believers.

During an appearance on MS NOW’s “Morning Joe,” Ratner came armed with charts that show a dramatic plunge in value in the Trump meme coin since its inception to a point where it is almost worthless.

“Generally speaking, what he did was he [Trump] created something called a $Trump coin," he said.

"And you'll also remember there was a $Melania coin a little bit later. It is a coin that means nothing. It is like buying a pet rock, except you don't even get a rock; it has no value. It has no trading value, it's not used in commerce — nothing. They sold them initially at $7 and went all the way up to $45. Not surprisingly, it crashed.”

Pointing to one of his charts, he elaborated, “But look, what else has happened here. So there have been found to be 45 what are called whale wallets, huge buyers of this stuff early on in the process. Then as crypto went up, these whales, and it could include Trump — we don't even know who it includes, It could include a lot of foreigners, people who are tipped off. — they made $1.2 billion. Trump, we know, made about $600 million in trading fees and so forth on this.”

“But who lost? Who lost were 2 million innocent Americans who bought this thing because they thought Trump was great or whatever. They lost $4.3 billion by buying up here and now owning something that is worth less than $3," he added.

"It's not just that some people got rich off of coins that just don't mean anything. It's that more people got scammed, working Americans got scammed, middle-class people got scammed, small businesses got scammed," co-host Joe Scarborough added.

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