Comment
Author: Admin | 2025-04-28
Homepage > News > Business > Donald Trump focused on memecoins, not promises to crypto bros Donald Trump broke the hearts of crypto bros by failing to do or say anything related to digital assets on his first day as the 47th President of the United States.• Trump memecoin madness• Critics pounce• SEC/CFTC changes• Exchanges bend the knee• WLF enjoys TRUMP tailwind• Acting FDIC chair promises banking changes• BTC’ strategic reserve’ still in limboTrump shocked nearly everyone by launching an official $TRUMP memecoin late on the night of January 17, just as the ‘crypto’ cognoscenti were gathered for their ‘crypto ball’ celebrating Trump’s inauguration. Announced via Trump’s official social media channels, the $TRUMP news was first greeted with suspicion that the accounts had been hacked by the token issuers.But the news was quickly confirmed, sparking a meteoric rise in the Solana-based token’s fiat value. Within an exceedingly brief period, the token rocketed into the top 20 in terms of overall market cap, as the token’s opening price of $10 soared to over $72 by midday on January 19. Thanks to $TRUMP’s launch, the president-elect increased his net worth (on paper, at least) by billions of dollars.Reaction to $TRUMP was decidedly mixed, with many crypto bros cheering on their champion for following them down the memecoin rabbit hole. Their only objection seemed to be the lack of advance notice that prevented them from buying TRUMP at even lower prices.But critics took a dimmer view. Some noted the token’s sketchy tokenomics—80% of supply controlled by insiders who are allowed to start selling in three months—as well as the glaring conflicts of interest in the man who now controls the crypto regulatory agenda deciding to issue tokens that personally enrich himself and his family.Later on January 19, $TRUMP crashed hard, falling below $50 in the space of a few hours (and fell to $40 following Trump’s inaugural speech). The culprit, it turned out, was another Trump family memecoin, this one issued by Trump’s wife, Melania.The $MELANIA token—which has even sketchier tokenomics than $TRUMP—has undergone even more dramatic volatility—shooting up to nearly $13, falling below $8, retaking $13, then falling below $8 again—all in the space of 14 hours or so. As Inauguration Day came to a close, the token was struggling to stay above $4.The back-to-back release of two Trump memecoins has the crypto sector waiting to see if other family members—or domestic servants or one of the religious leaders who spoke at the inauguration—will drop their own tokens.We’ve already seen scammers take advantage of this confusion, one claiming that a token had been issued by Donald and Melania’s son, Barron. The $BARRON token soared to a $460 million market cap before abruptly
Add Comment