As the 47th President of the United States, Donald Trump, is about to take his oath of office, he is already causing ripples in the cryptocurrency world. However, this is not due to his impending leadership but rather a new crypto token he created, coined the TRUMP meme coin. Unveiled on January 17, the token has spurred much debate and is currently under fire, with many questioning the integrity of such a venture for the future president.
Blasts by Critics Regarding TRUMP Meme Coin
At a time when the world is eagerly awaiting Trump’s ascendancy to the presidential seat, his sudden intrusion into the domain of cryptocurrency with his TRUMP meme coin on the Solana blockchain has raised a multitude of eyebrows. The inception of this coin is facing a barrage of criticism over concerns about the ethical implications of a serving president initiating a meme coin.
Esteemed YouTuber Stephen Findeisen, popularly regarded as Coffeezilla, feels the timing of the coin’s launch, just days ahead of Trump’s inauguration and coinciding with his appointment of the new Chair for the US Securities and Exchange Commission (SEC), to be highly inappropriate.
He expressed his concerns on social media denouncing the timing of the launch, questioning the ethics of such a move, and the potential impact it could have on naive investors.
There are others who feel that Trump’s recent venture blurs the thin line between governmental affairs and business interests. Even Anthony Scaramucci, a former aide to Trump, lambasted the new coin, equating it to potential corruption and expressing concerns about its possible negative bearing on the overall digital asset market.
Accusations of Personal Gain
Adav Noti, the executive director of the Campaign Legal Center, accuses Trump of exploiting his presidential position for personal monetary advantage. He considers the TRUMP meme coin a means to profiteer.
Reports suggest that a whopping 80% of these tokens will end up in the hands of people closely associated with the soon-to-be president. Noti shared his views with the New York Times, expressing his belief that such a scenario is unprecedented and equates to a direct cashing in on the presidency.
Others in the crypto space view this as a questionable move. Former Coinbase executive Nick Tomaino has spoken out against the manipulation and potential harm caused by Trump owning the majority share of the coin and timing its launch just before his inauguration.
TRUMP Coin’s Rapid Ascendancy
Despite the extensive controversy, market analysts reveal that the TRUMP coin achieved a market capitalization of $400 million within just 15 minutes of its launch, pushing Solana’s native token SOL to a record high of $267.
Data insights also indicate a remarkable 12,000% adoption rate for the meme coin since its launch. The coin reportedly almost peaked at $35 before settling at around $29. Some crypto traders even managed to record substantial gains, with one investor allegedly turning $50,000 into $1.1 million in just a few hours.
However, only 20% of the total 1 billion TRUMP coins are currently in circulation, with the remaining set to be released over the next three years. It remains to be seen how the token will fare in the future.
FAQs
What is the TRUMP meme coin?
The TRUMP meme coin is a crypto token created by the 47th President of the United States, Donald Trump. The coin was launched on the Solana blockchain.
Why is the TRUMP meme coin controversial?
The TRUMP meme coin has sparked controversy due to ethical concerns around a serving president initiating a meme coin. Critics also accuse Trump of exploiting his presidential position for personal gain as reports suggest that 80% of these tokens will end up in the hands of people closely associated with the president.
What impact did the launch of the TRUMP meme coin have on the market?
Despite the controversy surrounding it, the TRUMP meme coin achieved a market capitalization of $400 million within just 15 minutes of its launch. The coin pushed Solana’s native token SOL to a record high of $267 and recorded an impressive 12,000% adoption rate since its launch.
What is the future of the TRUMP meme coin?
With only 20% of the total 1 billion TRUMP coins currently in circulation and the rest set to be released over the next three years, it is too early to predict the future of the token. It remains to be seen how the coin will fare in the market in the long run.
