Kyle Sandilands has revealed how he made a jaw-dropping $700,000 in a single night.
The radio host, 53, has claimed to have invested in Donald Trump‘s cryptocurrency $Trump, which is being promoting just days ahead of the presidential inauguration.
The Solana-based meme coin – which are cryptocurrency named after a supposedly humorous individual – is currently being promoted on Trump’s social media.
Speaking on The Kyle and Jackie O Show, Kyle claimed to have made a huge profit after investing in the meme coin, which experts say are incredibly risky investments.
Kyle said he pumped $10,000 into $Trump coin over the weekend and has already made $700,000.
‘On Saturday night, sitting around with a couple of lads at my joint, let’s say 2 or 3 in the morning, Trump launched his Trump Coin,’ he said.
Kyle Sandilands has revealed how he made a jaw-dropping $700,000 in a single night after investing in Donald Trump’s new cryptocurrency $Trump
‘I jumped in with $10,000 and I’ve made $700,000 by the time I woke up.’
When asked whether he has sold his profits, Kyle insisted he hasn’t and still has his investment in $Trump.
Since the launch of $Trump, some experts questioned whether hackers were behind the new venture and others have criticised meme coins as a very risky investment.
Posts on Trump’s X, formerly known as Twitter, and Truth Social accounts announced the arrival of the $Trump, a Solana-based meme coin, on Friday night.
Meme coins are cryptocurrency named after a supposedly humorous character, individuals, artwork or trends.
Examples include Dogecoin (DOGE), which was set up as a satirical payment system to make fun of cryptocurrencies, and features a cartoon version of a cute Japanese Shiba dog called Kabosu that internet users found funny and cute.
Experts say meme coins are incredibly risky investments, but they can prove lucrative, especially for the creators. The market cap for meme coins generally stands in the billions.
Following the launch of $Trump, the token has exploded to $13billion in value, while trading volumes are approaching $13.6billion at the time of writing, according to GeckoTerminal data.
Kyle said he invested $10,000 in $Trump coin over the weekend and has already made $700,000. Donald Trump is pictured on January 19
At the time of publication, the token was trading at $69.46.
The announcement first appeared on Trump’s Truth Social account, directing his followers to acquire the token through the GetTrumpMemes website.
A similar post arrived on his X account shortly afterwards.
The post, which features an image of the token showing Trump’s right fist in the air with the slogan, Fight, Fight, Fight, stated: ‘My new Official Trump Meme is here! It’s time to celebrate everything we stand for: winning!
‘Join my very special Trump Community. Get your $Trump now. Go to — Have Fun!’
According to the GetTrumpMemes website, the fungible token is ‘an official Trump product’ and can be purchased via Moonshot or more traditional payment methods.
It features an image of the President-elect in the moments after an assassination attempt at a campaign rally in Butler, Pennsylvania, on July 13, 2024.
The site revealed the tokens are minted through crypto platform Solana and over three years, a total of one billion $Trump will become available.
The Solana-based meme coin – which are cryptocurrency named after a supposedly humorous individual – is currently being promoted on Trump’s social media accounts
The post appearing on Trump’s X account has garnered tens of thousands of comments among his 97.6million followers, with some questioning if the incoming President had been hacked.
One wrote, ‘This must be a scam. Please don’t be real’, while another simply asked: ‘Account hacked?’
Others however were welcoming of the idea that $Trump could be a good investment move.
One follower said: ‘Put all your life savings into $TRUMP on Solana, and you can end up just like him!’
Experts have also begun wading into the debate on whether the project is real or the result of hackers gaining access to Trump’s social media accounts.
Crypto aficionado Slorg from the Jupiter crypto exchange, said $TRUMP has been verified, Crypto Briefing reports.
‘I don’t like to tweet about coins, and in no way shape or form is this a promotion. But to keep people safe, this is the real Trump coin. We have approved it to the Jupiter strictlist.’
Meanwhile, Polymarket, used by crypto traders to predict outcomes and track current trends, is showing just a 3 per cent chance that Trump’s accounts have been hacked.
The token is inspired by an image of the President-elect in the moments after an assassination attempt at a campaign rally in Butler, Pennsylvania, on July 13, 2024 (pictured)
Meme coins have been growing in popularity in recent years. Aside from Dogecoin, other examples include tokens based on cartoon frog Pepe (PEPE), Peanut the Squirrel (PNUT), an orphaned squirrel euthanized by New York officials, and MOO DENG, which is based on a pygmy hippo from Thailand that went viral because of her cheeky energy.
James Ramsden KC, a leading voice on crypto and digital asset litigation and a founding partner at law firm Astraea, called meme coins a ‘dangerous illusion’ and a ‘complete con’.
He recently told MailOnline: ‘I wouldn’t go anywhere near them. It’s an illusion that’s quite dangerous.
‘It’s just a very speculative financial punt which is almost completely at the mercy of the people who have put it out there.
‘I think this is a complete con. It has no value or purpose. I’m as worried of those as any digital asset.
‘I don’t think you can call them that at all. It depends on algorithmic social media interaction. It’s a very flimsy way of approaching value to anything.
‘It’s not the meme coins that attract people to a site, it’s what is funny, what is interesting, meme coins just measure the number of hits [a site or idea] gets.’
Anyone can create a meme coin and unlike more traditional cryptocurrencies like Bitcoin, they cannot be mined. Instead, a finite number are released with the owner keeping a certain amount.
If they surge in popularity by going viral, then the owner can sell their meme coins, generating income for themselves – although this in turn could wipe out the value for investors.
