The post Donald Trump Addresses TRUMP Memecoin’s Rise and Fall: ‘I Launched It, That’s All I Know appeared first on Coinpedia Fintech News
Donald Trump’s TRUMP memecoin has taken the crypto world by storm, becoming the fastest-growing memecoin in history. Launched on January 17, just days before his inauguration, the Solana-based token quickly reached a market cap of $13 billion over the weekend. However, it has since dropped to around $8 billion after a sharp 50% decline, following the launch of a competing memecoin by First Lady Melania Trump.
Speaking to reporters, Trump admitted he wasn’t deeply involved in the project, saying, “I don’t know much about it other than I launched it,” but acknowledged its success.
When told about its multi-billion-dollar valuation, he joked, “$8 billion? That’s peanuts for these guys,” referencing tech leaders like SoftBank’s Masayoshi Son and OpenAI’s Sam Altman, who were present at the event.
However many think this is Trump’s strategy to recover his election campaign spending and this meme mania will fade soon once crypto guidelines are in place.
A National Crypto Agenda
Moreover, many critics have lashed Trump’s meme mania. Since its launch, the token has been under fire without any clear crypto regulations it’s like a gamble to invest in memes. Trump’s administration is reportedly planning to make crypto a national policy priority, with an executive order in the works. David Sacks has been appointed as the administration’s crypto czar to guide these efforts.
Despite its success, the TRUMP memecoin could complicate ongoing efforts to pass crypto legislation. Analysts warn that its association with Trump may increase political divisions, slowing progress on much-needed regulations. TD Cowen highlighted that investigations into the token’s insider ownership and market influence could further delay bipartisan agreements.
Even Mark Cuban, a multi-billionaire and crypto investor believes that TRUMP coin is overhyped and it will be a scam to invest in such projects without clear regulations and will ruin crypto credibility.
Getting into the topic of regulations recently Washington Post revealed that in one of Trump’s executive orders, there will be a repealing of controversial SEC crypto accounting guidance, SAB 121.
Exchanges Listing TRUMP
The TRUMP memecoin is getting more popular as platforms like Coinbase and Robinhood, trading at around $42, up 8.7% in the past 24 hours. Trump’s changing remarks and showing a lack of interest in knowing the memecoins is giving a cold vibe to the crypto investors. Critics are claiming that the token’s popularity might give a perception of crypto as a speculative coin and a gamble taking away its real-world use.
The memecoin’s launch is clashing with major tech and Finance development, including a $500 billion AI infrastructure project involving OpenAI, Oracle, and SoftBank. While the TRUMP token has brought attention to the crypto space, its long-term effects on the industry remain uncertain.