Key Highlights:
- Loans from Galaxy and Ripple facilitated necessary funding for MoonPay to cater to the large demand for Donald Trump’s memecoin.
- The unusual demand peaked on a Saturday, with MoonPay’s fiat accounts inaccessible due to the ongoing weekend and a public holiday the following Monday for Trump’s swearing-in.
- It left MoonPay in need of substantial liquidity, requiring a swift loan to continue operations.
Following the recent launch of Donald Trump’s memecoin, loans from Ripple’s Brad Garlinghouse and Galaxy’s Mike Novogratz totaling $160 million aided MoonPay in managing significantly high demand.
“Ripple’s Brad Garlinghouse and Mike Novogratz lent Moonpay $160M to launch the $TRUMP Token 👀” — 𝗕𝗮𝗻𝗸XRP (@BankXRP) February 12, 2025
The TRUMP token faced explosive growth, reaching a market capitalization exceeding $10 billion within just 48 hours, which significantly raised trading volumes to over $20 billion.
Due to the unexpected demand, MoonPay’s president Keith Grossman sought additional funds exacerbated by the launch of corresponding tokens by Melania Trump, leaving MoonPay to pursue further loans after its initial transaction proved insufficient. MoonPay managed to successfully repay all loans by January 21, having gained 750,000 new users that week, despite TRUMP prices facing declines since its peak on January 19.
