The launch of the new Trump Meme Coin ($TRUMP) has sparked significant reactions across the cryptocurrency market and political sphere. With its market cap skyrocketing, critics are questioning the ethics behind the venture.
Trump Meme Coin: What Happened?
On Friday, Donald Trump announced the release of his official meme cryptocurrency, $TRUMP, to celebrate "winning." The launch, shared on Truth Social, marked the creation of 200 million tokens by Solana (SOL), with plans to expand the total supply to 1 billion over the next three years.
In just 24 hours, the price of $TRUMP rose from $0.18 to $22.94, according to Binance, with a trading volume of $5.77 billion and a market cap of $4.59 billion—a staggering 253.75% increase.
Trump's promotional post read:
"My NEW Official Trump Meme is HERE! victory !!! Join my very special Trump Community. GET YOUR $TRUMP NOW."
The announcement featured a graphic of Trump on the coin alongside the words "fight, fight, fight," and included a link to purchase the cryptocurrency.
Criticism of $TRUMP: Claims of Corruption
Scaramucci's Reaction
Former White House Communications Director Anthony Scaramucci, a prominent Trump critic, labeled the meme coin a form of corruption. On X (formerly Twitter), Scaramucci wrote:
"The Trump meme coin not good. Don’t delude yourself. It’s Idi Amin-level corruption."
Scaramucci's comparison to Idi Amin, the Ugandan dictator notorious for corruption, drew attention to the ethical concerns surrounding the coin.
Critics Highlight Risks
Cryptocurrency experts, including Coinbase, have warned about the risks of meme coins, which are often volatile and unpredictable. According to Coinbase.
Meme coins have gained popularity due to endorsements from high-profile individuals and their role in digital culture. However, many remain skeptical of their long-term value.
Trump's History of Commercial Ventures
This is not Trump's first foray into merchandise. Over the years, he has marketed:
- Digital trading cards: Sold for $99 each, earning between $100,000 and $1 million.
- $399 gold high-top sneakers
- $100 MAGADonalds T-shirts
- $60 “God Save America” Bibles, which reportedly generated $300,000.
- TRUMP Watches: Launched in September 2024 at $499.
Critics, including his niece Mary Trump, have accused him of "grifting." In a recent video, she described his ventures as part of a "parallel economy," where products are marketed to conservative followers under the guise of promoting freedom.
What’s Next for $TRUMP?
The meme coin’s launch coincides with Trump’s upcoming inauguration as president. While supporters celebrate the venture, critics remain vocal about its implications for the cryptocurrency industry and ethical concerns.
The coin’s rise also underscores a broader trend: the intersection of politics, digital culture, and financial innovation. As the market continues to react, the long-term future of $TRUMP remains uncertain.
What People Are Saying
Aaron Rupar, journalist:
"The president-elect launches a pretend money grift two days before taking office."
Ben Meiselas, MeidasTouch co-founder....
Key Takeaways
- $TRUMP Coin Launch: Trump’s meme coin surged 253.75% in value within 24 hours.
- Criticism: Critics, including Scaramucci, called it “corruption” and harmful to the industry.
- High Volatility: Experts warn about risks associated with meme coins.
- Commercial Ventures: $TRUMP joins a long list of Trump-branded products.
Sources:
- Binance Market Data
- Coinbase Insights
- Truth Social Announcements
- Public Statements from Scaramucci and Mary Trump
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