Did anyone actually miss the launch of the TRUMP coin? If so, congratulations on your peaceful detachment from one of the most bizarre and polarizing moments in crypto’s wild history, possibly even in capital markets’ entire timeline. Oh ya, First Lady Melania Trump also launched her own meme-coin.
Meanwhile, Bitcoin itself made history by hitting a record high on Trump’s inauguration day. Talk about making crypto great again. The President, ever the showman, publicly embraced crypto during his last election campaign boldly promising to make the US the “crypto capital of the planet” and a “bitcoin superpower.”
Speaking of crypto miracles, I’m hopeful we can make even more profit from our exposure to digital assets this year. Last year was a really good one for us. Now, I’m starting to think it might be time to launch my own coin.
An article by Joe Tidy for the BBC caught my attention earlier.
Here is a section:
US President Donald Trump has been criticised for launching a meme-coin while saying he “doesn’t know much” about the cryptocurrency. The digital coin called TRUMP appeared on his social media accounts ahead of his inauguration on Monday and quickly became one of the most valuable crypto coins. The value of a single coin shot up to USD75 within a day, but since has fallen to USD39.
The launch of the so-called meme-coin – a cryptocurrency with no utility other than for fun or speculation has been widely criticised by industry insiders. “Trump’s comments about not knowing much about the coin back up my opinion that he is making a mockery of the industry. It’s a stunt,” says Danny Scott, CEO of CoinCorner.
The latest dip in value came after Trump told reporters: “I don’t know much about it other than I launched it, other than it was very successful.”
When he was told his coin raised several billion dollars for him, he played it down saying “several billion, that’s peanuts for these guys” pointing to tech billionaires assembled for a press conference about AI.
Meme-coins are often used by speculators to make money or to allow fans to show support to a celebrity or moment in internet culture. It’s not the first time Trump has sold crypto products. He made millions from launching a series of NFTs of him in various superhero poses in 2022.
Some industry analysts say the president having his own meme coin is a sign that others should follow.