Trump Catch-All | $TRUMP - Trump goes full crypto, launches Meme Coin - Makes $25 Billion overnight

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The crypto industry eagerly awaited Donald Trump’s return to the White House. Now, it’s reeling after the president and first lady launched a pair of meme coins.

Dubbed $TRUMP and $MELANIA, the tokens have no economic purpose—their value is largely based on the popularity of internet memes. The market cap of the president’s coin has soared to $7.8 billion since Friday night’s launch, while the first lady’s token is worth about $800 million, according to CoinMarketCap.

By selling coins known for their speculative nature and extreme volatility, the president has undermined the credibility that the industry has worked hard to build in recent years, some crypto executives and investors say.

They also point to the brazen conflict of interest: Trump benefits directly from the sale of the tokens while setting the policy that affects how markets are valued and regulated.

Even the most ardent Trump supporters reached a breaking point when the $MELANIA token launched less than 48 hours after the rollout of her husband’s coin. …”
 
Continued

“… Trump or any other coin issuer benefits twice when meme coins are sold to the public. They get the proceeds of coin sales and they have an ownership stake whose value rises when the price of the coin increases. They can then sell more coins to gain further profits.

… After the stunning collapse of the FTX exchange in 2022, the crypto industry made big inroads in rebuilding its brand and reputation. It emerged as one of the biggest spenders of the election cycle by donating $170 million to a trio of super PACs to elect friendly lawmakers.

… In launching the tokens, Trump has waded into a longstanding divide in the world of crypto: staid technology enthusiasts who see crypto as a means of financial inclusion and innovation versus speculative investors who see it as a means to monetize brands, memes and ideas.

…“There’s a general level of disgust,” said Gayed. “I do believe this puts into question some of Trump’s credibility when we have a president-elect enrich himself just before inauguration and make a mockery of an entire ecosystem.”

Some crypto investors said the fervor around the Trump family meme coins is a sign of frothy market conditions and an indication that crypto prices may have peaked. Bitcoin prices set a new high above $109,000 early Monday, just hours before Trump’s inauguration, and have soared about 50% since his election.

“To me, it’s a glaringly obvious top signal,” said Quinn Thompson, founder of crypto hedge fund Lekker Capital. “Everyone’s extremely exuberant with high animal spirits.” …”
 
nycfan said:


“
The crypto industry eagerly awaited Donald Trump’s return to the White House. Now, it’s reeling after the president and first lady launched a pair of meme coins.

Dubbed $TRUMP and $MELANIA, the tokens have no economic purpose—their value is largely based on the popularity of internet memes. The market cap of the president’s coin has soared to $7.8 billion since Friday night’s launch, while the first lady’s token is worth about $800 million, according to CoinMarketCap.

By selling coins known for their speculative nature and extreme volatility, the president has undermined the credibility that the industry has worked hard to build in recent years, some crypto executives and investors say.

They also point to the brazen conflict of interest: Trump benefits directly from the sale of the tokens while setting the policy that affects how markets are valued and regulated.

Even the most ardent Trump supporters reached a breaking point when the $MELANIA token launched less than 48 hours after the rollout of her husband’s coin. …”
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