{"id":12640,"date":"2025-02-12T10:49:17","date_gmt":"2025-02-12T10:49:17","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=12640"},"modified":"2025-02-12T10:49:17","modified_gmt":"2025-02-12T10:49:17","slug":"ripple-galaxy-execs-loaned-160m-to-moonpay-so-that-they-could-support-trump-memecoin-launch","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=12640","title":{"rendered":"Ripple, Galaxy Execs Loaned $160M to Moonpay So That They Could Support TRUMP Memecoin Launch"},"content":{"rendered":"
\n

Loans from Galaxy and Ripple played a pivotal role in helping crypto exchange MoonPay handle the demand stemming from the launch of Donald Trump\u2019s official memecoin after its Jan.18 issuance, a new podcast reveals.<\/p>\n

TRUMP launched days before the President’s swearing-in ceremony. The token launch was a surprise move that made him the first-ever president to be directly related to a memecoin. <\/p>\n

The token’s market capitalization zoomed from nearly $200 million at issuance to over $10 billion within 48 hours \u2014 bagging spot and futures listings across exchanges and over $20 billion in trading volumes over two days.<\/p>\n

The massive demand came on a Saturday, when MoonPay\u2019s fiat accounts were inaccessible due to the weekend with a public holiday on the following Monday for the swearing-in. <\/p>\n

The situation meant MoonPay could not readily access over $100 million in liquidity required to meet TRUMP\u2019s trading demand \u2014 leaving a short term loan as the only option to ensure business went as usual.<\/p>\n

MoonPay president Keith Grossman, along with CEO Ivan Soto-Wright and CFO Mouna Siala, estimated the company needed around $100 million worth of USD Coin stablecoin.<\/p>\n

That\u2019s when Novogratz was contacted for a loan. After securing an agreement, MoonPay quickly prepared the necessary documentation and verified their ability to repay after vetting with a BlackRock executive, where MoonPay held its reserve funds.<\/p>\n

However, demand for the TRUMP token continued to escalate and first lady Melania Trump\u2019s MELANIA tokens were, too, launched, leading to the $100 million being insufficient to meet liquidity requirements. That pushed MoonPay to seek another $60 million in funds. Grossman then connected with Ripple\u2019s Garlinghouse, stating he had \u201cunderestimated the demand of this Trump token.\u201d<\/p>\n

Ripple contributed the additional $60 million needed after a thorough vetting, including a pledge of MoonPay\u2019s Wright for his entire personal assets. MoonPay further had to prove there were no liens on its reserve capital.<\/p>\n

MoonPay repaid all loans in full on Jan.21, a Tuesday after the long weekend when it could finally access its reserve funds. The company onboarded 750,000 new users that week.<\/p>\n

Prices of TRUMP, despite its blockbuster launch, are down 79% since its Jan. 19 peak.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Loans from Galaxy and Ripple played a pivotal role in helping crypto exchange MoonPay handle the demand stemming from the launch of Donald Trump\u2019s official memecoin after its Jan.18 issuance, a new podcast reveals. TRUMP launched days before the President’s swearing-in ceremony. The token launch was a surprise move that made him the first-ever president […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-12640","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/12640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12640"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/12640\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}