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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. …”