On January 17, the digital currency referred to as “Official Trump” experienced a significant increase in worth, peaking at $38.31 during a check on Sunday – just one day prior to the United States presidential inauguration.
A digital currency called TRUMP, created as a tribute by President-elect Donald Trump, is rapidly growing popular within the realm of digital assets. Trading activity has significantly increased on prominent exchanges such as Binance and OKX, where this cryptocurrency can be traded.
As an analyst, I’ve observed a surge in the popularity of meme coins, particularly those associated with high-profile figures. This upward trend suggests a growing interest in such digital assets. However, it’s crucial to note that this type of investment often sees speculative surges fueled by viral appeal, which can potentially lead to volatile market conditions.
Some are even called out for being rug pulls.
The Official Trump coin has both going for it, but at last check Sunday, it’s up almost 330%.
What critics are saying
As a researcher, I find it intriguing to observe how the creators of TRUMP, as well as Trump himself, are strategically tying the token to the President-elect’s political identity. This approach positions TRUMP not just as a financial asset, but also as a symbolic cultural statement. For instance, the token’s logo, proudly displaying the phrase “Fight Fight Fight,” sets it apart from other unofficial Trump-themed meme coins that have inundated the market.
Listing Trump’s official token on platforms like Binance and OKX adds a sense of credibility, allowing millions of worldwide investors an opportunity to trade.
Nevertheless, the coin has stirred up debate. Critics claim that TRUMP could pose a conflict of interest, given his upcoming role as President of the United States.
Stephen Findeisen, better known as the cryptocurrency detective Coffeezilla on YouTube, referred to the launch as “remarkable in its folly.
Anthony Scaramucci, an ardent Bitcoin supporter who previously collaborated with Trump and manages SkyBridge Capital, cautioned his 1 million followers against being misled about the release of the official Trump-themed meme coin.
1. The idea of a Trump-related cryptocurrency isn’t beneficial for the sector. Let’s be honest, it’s on par with the extreme corruption associated with Idi Amin.
2. The notion of the Trump meme coin in the industry is not positive. We need to face reality; it mirrors the level of corruption that was seen during the time of Idi Amin.
3. The idea of a Trump-themed cryptocurrency for the sector isn’t good news. In essence, it reflects the degree of corruption that existed under Idi Amin’s rule.
4. The Trump meme coin in the crypto industry is not a positive development. To be straightforward, it’s as corrupt as what was seen during the regime of Idi Amin.
5. In terms of the cryptocurrency sector, the Trump meme coin isn’t advantageous. To put it simply, it shares the same level of corruption that was characteristic of Idi Amin’s rule.
— Anthony Scaramucci (@Scaramucci) January 18, 2025
Ben Meiselas, a partner at Meidas Touch, proposed that President Trump might have directed his attention towards more pressing issues instead of digital currencies based on memes.
Rather than reducing prices or resolving the conflict in Ukraine, Trump appears to be promoting “meme currencies” just before his successor’s inauguration. It seems he isn’t overly concerned about our nation’s welfare. The global community seems to find this amusing.
— Ben Meiselas 🇺🇸🦅 (@meiselasb) January 18, 2025
Trump’s swift ascent, despite facing criticism, highlights the persistent impact of influential political and cultural figures within the crypto market. This raises intriguing queries about the complex connection between finance, politics, and blockchain technology.
As an analyst, I find myself echoing the sentiments of Barstool Sports founder Dave Portnoy. His comparison between Donald Trump’s meme coin launch and the supposed pump-and-dump scheme surrounding internet sensation Hailey Welch, also known as “Hawk Tuah,” is intriguing. It seems he suggests that both instances share similarities in terms of potential manipulation of market trends for personal gain.
1. Here’s a simpler way to ask: What sets the Hawk Tuah coin apart from the Trump coin, if not anything?
2. Instead of saying “string up my own coin” you could say “create my own coin”. Also, instead of using technical terms like “Ponzi scheme” and “rug pull”, you might want to express your intention more clearly for a wider audience. For example: “Can I create my own coin now and tell people that it’s an investment with potential high returns, but there is a risk of losing all invested money at some point in the future? And they should be aware of this before investing.”
— Dave Portnoy (@stoolpresidente) January 18, 2025
It’s important to mention that the Trump family are currently endorsing digital assets associated with World Liberty Financial. According to a report by CoinDesk in September, approximately 70% of these tokens were owned by the platform’s founders, staff, and external service providers.
Just as with the case of Official Trump, it’s said that around 80% of the meme coin is allegedly owned by CIC Digital, a company linked to The Trump Organization.
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2025-01-19 09:28