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TRUMP Meme Coin Rollout Sparks Outrage Ahead of Presidency
The rollout of a new meme coin, dubbed TRUMP, has sparked outrage and controversy in the cryptocurrency industry, with experts warning it is unprecedented and potentially predatory. The coin, which allows people to transfer money to President Trump’s family in connection with his office, has been criticized as a blatant attempt to cash in on the presidency.
“It is beyond unprecedented,” said Noti, a financial expert, speaking to the New York Times. “The new meme coin does not sit well with some personalities in the cryptocurrency industry, seeing it as a dirty tactic.”
Despite the backlash, data shows that the new meme coin has recorded over 12,000% adoption since its launch, with its value almost hitting $35 before settling at about $29. Some crypto traders have reportedly made significant gains, including one investor who made $50,000 to $1.1 million within a few hours.
However, market observers caution that it is too early to tell what the future of the token will be, considering only 20% of the 1 billion TRUMP coins are currently in circulation. The remaining 80% of the tokens will be released over the next three years.
The controversy surrounding the meme coin has also led some personalities in the cryptocurrency industry to express their disapproval. “Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it,” said former Coinbase executive Nick Tomaino on Twitter.
It remains to be seen how this new meme coin will evolve, but one thing is certain: its rollout has sparked a heated debate in the cryptocurrency community.
Source: bitcoinist.com
