On the cusp of stepping into the role of the 47th President of the United States, Donald Trump isn’t just garnering attention for his upcoming inauguration on January 20th. He’s stirred the cryptocurrency waters with the launch of a meme coin named after himself.
Released on January 17th, the TRUMP meme coin has ignited considerable debate and backlash. Critics are quick to label it a questionable move for the soon-to-be Commander-in-Chief.
Backlash Over TRUMP Meme Coin
As anticipation builds around Trump’s entry to the White House, his unexpected foray into cryptocurrency via a Solana-based meme coin is raising eyebrows. Ethical questions abound regarding whether such a venture is appropriate for a U.S. President.
Prominent YouTuber Stephen Findeisen, known as Coffeezilla, is particularly critical of the timing — launching just days before Trump appoints the new head of the SEC. In a tweet, he criticized the move as ill-timed and ethically dubious due to the potential lack of oversight from new regulatory appointees. He pointed out potential risks, noting, "80% of tokens vest to insiders DURING the presidency… most ppl losing money will be MAGA who aren’t crypto native… should be a crime but crime is legal now ig?"
Further skepticism comes from various quarters, many questioning the interplay between Trump’s political role and personal business ventures.
Even Anthony Scaramucci, once part of Trump’s inner circle, has voiced strong disapproval, branding the venture as "corruption" and a potential threat to the wider crypto market. His tweet compared the move to notorious levels of malfeasance.
A Motivated Profit Scheme?
Adav Noti from the Campaign Legal Center has gone so far as to accuse Trump of leveraging his upcoming presidency for personal financial gain. With 80% of the token allocation heading to Trump’s close circles, Noti told the New York Times it’s essentially monetizing the presidency. This unprecedented approach, he argues, undermines the integrity of the office.
Former Coinbase executive Nick Tomaino described the endeavor as predatory, forecasting significant financial harm for many involved.
The Meteoric Rise of TRUMP Coin
In the market, the TRUMP coin surged quickly, hitting a $400 million market cap in just 15 minutes and buoying Solana’s SOL token to a record $267.
Echoing previous projects, the coin’s website shares similarities with Trump’s past NFT ventures, from its setup to its technical underpinnings, as highlighted by Twitter user cygaar.
Despite the controversy, the coin’s launch saw a remarkable adoption rate, with a surge over 12,000%. Trading figures show the token’s value nearing $35 before stabilizing around $29, with some traders profiting significantly. The coin’s future remains uncertain, with only 20% of the potential 1 billion TRUMP coins in active circulation at this time.
Still, the full impact of this venture, both political and financial, has yet to be seen as the rest of the tokens are set to be released over the coming years.
