Trump’s Meme Coin Launch: Controversy Erupts Just Before Inauguration!

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On the eve of his official inauguration as the 47th U.S. President, scheduled for January 20, Donald Trump is causing ripples in the cryptocurrency sector, not due to the event itself, but by introducing a contentious meme coin bearing his name.

Introduced on January 17th, the digital currency famously known as the Trump Meme Coin, has ignited much debate and is presently encountering criticism due to concerns raised about its dubious nature, which some deem an inappropriate undertaking for the incoming President.

Critics Condemn TRUMP Meme Coin Launch

As Trump prepares to assume the presidency, the unexpected announcement that he’s introducing his own meme coin on the Solana blockchain has ignited debates within the cryptocurrency world. The question arises whether it’s morally sound for an American president to create a meme coin.

YouTube personality Stephen Findeisen, or Coffeezilla, contends that the timing of the launch, so close to Trump’s inauguration, seems inappropriate since Trump is about to select the new leader of the U.S. Securities and Exchange Commission (SEC).

> Two days before assuming office, dumping the TRUMP memecoin seems unsavory, especially with the assurance of no prosecution from the SEC and DOJ. Roughly 80% of these tokens are set to vest during the presidency, primarily benefiting insiders. Unfortunately, it’s likely that those losing money will be MAGA supporters who are not familiar with cryptocurrency. It feels as though this act should be illegal, but it seems that crime pays nowadays.

— Coffeezilla (@coffeebreak_YT) January 18, 2025

2 days before taking office as President, it’s unsavory to sell off the TRUMP memecoin, according to Findeisen in a recent post. He also mentioned that there will be no legal repercussions from the SEC or DOJ for this action.

Some critics raised doubts about Trump’s latest project, as they felt it might create a murky division between public service and private enterprise.

In simpler terms, Anthony Scaramucci, who used to work for Donald Trump, criticized the latest meme cryptocurrency, labeling it as a form of “malpractice.” He cautioned that the Trump token might have negative consequences on the overall crypto market.

The involvement of Trump in the meme coin market isn’t good for the overall sector. Be aware, it’s akin to the level of corruption associated with Idi Amin.

This version maintains the original meaning but uses simpler language and a more modern reference (Idi Amin instead of “Third World Dictator”) to make it more accessible to a broader audience.

— Anthony Scaramucci (@Scaramucci) January 18, 2025

Profiteering Move?

The Campaign Legal Center’s executive director, Adav Noti, claimed that Donald Trump might be leveraging his presidency for personal profit, as the TRUMP meme coin might be seen as an attempt to generate profits.

Reports indicate that around 80% of the allocated tokens are planned to be given to people associated with the incoming president’s circle.

Noti stated to the New York Times that it’s essentially profiting off the presidency, by developing a financial tool enabling individuals to send funds to the president’s relatives, directly tied to their official roles. This action surpasses any previous example of such behavior.

Some individuals within the crypto community find issue with the latest meme coin, viewing its strategy as questionable or underhanded.

According to former Coinbase executive Nick Tomaino, it’s questionable and potentially harmful for Trump to own 80% of the asset and launch it so close to his inauguration, as many people may end up suffering from this action.

TRUMP Coin Soars

Experts noted that within just 15 minutes, the value of the newly introduced Trump-inspired cryptocurrency surged to a market capitalization of $400 million. They added that this meme coin contributed significantly to pushing Solana’s native token, SOL, to its peak price of $267, setting a new all-time high.

Ok yeah the new Trump memecoin website is deployed almost identically to his previous NFT website.

Same cloudflare setup, same deployment with Heroku, same SSL certificate issuer.

Very similar HTML structure as before.

— cygaar (@0xCygaar) January 18, 2025

In spite of some opposition, it’s worth noting that the newly introduced meme coin has experienced an astounding 12,000% increase in user adoption since its debut.

According to market analysts, the value of the coin came close to reaching $35 but eventually stabilized around $29. They also noted that numerous cryptocurrency traders profited from this surge, with one individual reportedly earning between $50,000 and $1.1 million in just a few hours.

At this point, it’s still uncertain what lies ahead for the TRUMP token since just 20% out of a total of 1 billion coins have been circulated so far. The rest, amounting to 80%, is set for release over the next three years.

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2025-01-19 20:45