Organization: Deng Tong, Golden Finance

At 9:44 pm local time on January 17, Trump announced on his social media account that he would launch his personal Meme currency TRUMP. Users need to visit the domain name Website for "gettrumpmemes" to earn Meme coins.

As soon as the news was released, support and opposition flooded the market, and the entire encryption market was boiling. Many investors also took this opportunity to make a lot of money. According to CoinGecko data, the TRUMP token hit an all-time high of $72.02 at 8:03 pm on January 19.

Trump will be sworn in at 12 noon Eastern Time on the 20th (1 a.m. Beijing time on the 21st) under the auspices of Chief Justice Roberts of the United States, and Then he delivered an inaugural speech. The three richest people in the United States, Musk, Bezos, and Zuckerberg, attended the event together. Two sources said Trump is preparing to issue a large number of executive orders and directives on his first day in office, with the total number likely to exceed 100, covering immigration, energy production, etc.

At this ingenious time, Trump’s behavior of issuing Meme currency can’t help but cause market speculation: Will such a move really benefit the encryption market? Is it a game of chasing money with power?

1. What do industry insiders who support Trump’s coin issuance say?

DWF Labs partner Andrei Grachev tweeted: Trump is doing the best marketing for the cryptocurrency market.

Cardano co-founder Charles Hoskinson revealed in a post on X that 78.5% of Trump’s $29.6 billion net worth is cryptocurrency, making him one of the richest cryptocurrency entrepreneurs. This is mainly due to the Meme coin TRUMP issued by Trump. Hoskinson also noted that Trump’s extensive involvement in cryptocurrencies could lead to significant changes in the industry. His is likely to redefine the IRS’s assessment of capital gains taxes and fair market value of digital assets, anticipated changes that could impact the regulatory framework for the cryptocurrency industry.

Animoca Brands co-founder Yat Siu posted on the Reputation has a ripple effect, and Trump has the ability to use TRUMP to do great things, which may go down in history as the most generous and charitable American president in history.

Eric Trump, executive vice president of the Trump Organization, said on the Digital Meme, I firmly believe that WLFI will revolutionize DeFi/Cefi and will become the future of finance.We're just getting started. ”

2. What do industry insiders who oppose Trump’s issuance of coins say?

Forbes said: Trump’s issuance of Meme coins may trigger a constitutional crisis. According to reports, although the issuance of Meme coins is about to The nominated new SEC chairman may be crypto-friendly, but the relevant basic legal principles remain unchanged. The personality and preferences of SEC leaders cannot override established securities laws. The Supreme Court’s Howey test has been in place for 75 years in securities regulation. cornerstone, not subject to individual and Impact of the Appointment. While the SEC’s enforcement focus may change under new leadership, its statutory obligation to apply the Howey test remains absolutely unchanged—this enduring framework for evaluating investment plans independent of any chairman’s crypto-friendly stance. Or industry connections. The report pointed out that the launch of the TRUMP Meme coin exposed contemporary America. A fundamental tension in He became personally wealthy and The convergence of power is alarming, and the concentration of token ownership in Trump-affiliated companies, coupled with the timing of the issuance just before the inauguration, raises questions about whether this represents real support for cryptocurrency innovation. , or is it just a clever attempt to further monetize the presidency?

Arthur Hayes said on "Trump releases Meme TRUMP": This is the launch of the meme currency market. These token economics are their own meme. fugazi (note: derogatory term, fake thing), but this "shit" reaches 10 billion US dollars. But he also pointed out: Meme currency is the best fan interaction tool ever. If Trump does this, then Beyoncé. Or Swift would be much less risky

Former Coinbase executive and crypto venture capitalist Nick Tomaino said Trump owns 80% of TRUMP. Coin share, and launched just hours before the inauguration, is predatory and many people may be harmed by it. Trump should be airdropping it to the people instead of using it to enrich himself or his team at the moment. Looks like an FTX token. But he also pointed out: Trump's move means a shift from the Biden anti-crypto era to the Trump era.

Former Coinbase CTO Balaji Srinivasan wrote that more than 90% of Trump’s approximately US$59 billion net worth has now been converted into crypto assets. This shift may have major impacts: 1) Trump’s crypto assets share jumped from 1% to 90%. Similar to the wealth accumulation path of early Bitcoin and Ethereum holders; 2) This phenomenon of rapid depreciation of non-crypto assets may occur globally in the future; 3) If the TRUMP token priceIf the value continues, it may lead to political and business celebrities to follow suit and issue personal tokens. He suggested that Trump could resolve potential conflicts of interest through airdrops: At current valuations, airdropping locked TRUMP tokens worth $100 to each of 77 million supporters would only cost $7.7 billion. Even if it were increased to $500 per person, it would still be There is more than 20 billion US dollars left. Balaji believes that this plan can not only establish a new "president-citizen" relationship, but also provide a public opinion basis for Trump to promote encryption friendship. He also pointed out: Meme coin is a zero-sum lottery and it does not create wealth. Every buy order is simply matched with a sell order. After the initial surge, the price eventually collapses and the last buyer loses everything. If you consider the commission the platform takes from it, meme coins are actually a negative sum.

Danielle Brian, executive director of the nonpartisan Projecton Government Oversight, said that Meme coins are generally not tied to any underlying business, making them highly speculative for investors and highly speculative for founders. "Any move the Trump Organization makes to show that they are concerned about potential conflict, especially one involving a foreign country, appears to completely undermine its efforts." Other groups raising concerns include the nonprofit Campaign Legal Center and the Washington-based group Citizens for Responsible Ethics, which unsuccessfully sued Trump during his first term for violating the Constitution's ban on foreign gifts and compensation. Kedric Payne, general counsel of the Campaign Legal Center, said: "The obvious difference with cryptocurrencies is how quickly you can get a windfall."

CryptoQuant CEO Ki Young Ju posted on X: "Social influence is rapid Will be measured by market capitalization rather than number of followers. Trump’s coin announcement yesterday marks a shift that will inevitably lead to chaos as victims emerge, unless someone stronger than the president steps in. —That’s the saddest part. “Trump is unlikely to deliver on his. memecoin. He’s more likely to use it to increase his net worth and reward loyal supporters and colleagues.” Anthony Scaramucci, founder of SkyBridge Capital: This is bad for the industry. , and compared it to the level of corruption of former Ugandan president Idi Amin.

Meidas Touch co-founder Ben Meiselas: Trump should focus on more pressing matters.

Barstool Sports founder Dave Portnoy: This matter is similar to Internet celebrity Haliey Welch’s alleged plan to pump out the Meme currency HAWK.

Coffeezilla, Cryptocurrency Detective on YouTube: This launch is a “historic stupidity.”

Bitcoin bull Anthony Scaramucci (Anthony Scaramucci: Warned his one million followers on X not to “deceive themselves” about the launch of an official Trump meme coin.

Bitcoin Magazine, the organizer of the Trump Bitcoin Conference, stated on social platforms that TRUMP is a shitcoin. Bitcoin Magazine was a well-known pro-Trump media during the election. During its official event, the Bitcoin 2024 conference, it invited Trump to the stage and delivered a speech. In the speech, Trump announced the launch of the Bitcoin strategic reserve and ensured that the United States would become the world’s Cryptocenter and Bitcoin superpower, plans to fire the SEC chairman, etc., started Trump’s crypto-friendliness.

Attorney David Lesperance pointed out: The president-elect’s launch of the Meme coin violated the provisions of the U.S. Constitution designed to prevent foreign countries from influencing U.S. officials. “In the past, President-elect Trump’s launch of his meme coin, TRUMP, would have been viewed as a clear example of a violation of the Foreign Emoluments Clause of Article I, Section 9, Section 8 of the U.S. Constitution.” “Given that TRUMP can easily be used by foreign personal or purchase, which would appear to be a violation of these Terms".

3. Will Trump’s Meme coin help Trump reach the top of his net worth?

Crypto KOL Conor posted on the US dollar: surpassing Bill Gates; hitting US$203: surpassing Mark Zuckerberg; hitting US$225: surpassing Elon Musk; hitting US$270: becoming the world's richest man.

On January 19, “Trump’s virtual currency soared 1,250% intraday” ranked 13th on Baidu’s hot search list, “Trump’s worth soared 400 overnight %” ranked 40th on Weibo’s hot search list. Related searches on Weibo are "Cryptocurrency President Trump's net worth soared to $28 billion overnight, thanks to the virtual currency 'TRUMP' issued by Trump, which increased his estimated net worth by 400% ”

In just 24 hours after Trump’s issuance, its market value soared to a staggering US$4.8 billion, with a fully diluted valuation of US$24.3 billion. This number not only refreshes the record of Meme coins, but also indicates its potential to shake Dogecoin’s dominance in the field of Meme coins. In the eyes of many, the president's move to launch a meme coin is unprecedented, but if you look closely at Trump's development and utilization of his brand over the years, it is actually not surprising. From Trump University to Trump hotels, casinos, and even NFT, the president has long been accustomed to monetizing his personal brand. The difference this time is not the strategy, but the medium - an ironic fact is that it all stems from thecurrent regulatory environment.

4. Is MELANIA, the Meme coin issued by Trump’s wife, reliable?

Trump’s wife Melania said on social media in the early morning that people can now buy the Meme coin MELANIA. However, according to Unusual Whales, the official website and domain name of Mrs. Trump’s Meme Coin MELANIA were created yesterday.

Ryan Selkis, a loyal Trump fan and founder of Messari, publicly called on Trump on social media, suggesting that he fire the relevant personnel who recommended the launch of the Melania project today. Selkis pointed out that the project has the following problems: The project team lacks professional capabilities; it may cause significant economic losses and damage to goodwill; and Trump’s interests are not fully considered in project decisions.

According to Melaniameme’s official website, the MELANIA token adopts a token economic model that is significantly different from TRUMP. The token distribution plan is: 35% team share, 20% treasury, 20% community, 15% public issuance, and 10% liquidity. In terms of the unlocking mechanism, the MELANIA team’s share only needs to be locked for 30 days, while TRUMP needs to be locked for 3 years. The MELANIA team's share will be unlocked for the first time on the 30th day at 10% (accounting for 3% of the total supply), and then the remaining shares will be unlocked linearly in months 2-13, with approximately 2.25% of the total supply unlocked every month until the 13th month All unlocked.

According to on-chain analyst Ember’s monitoring, MELANIA, the currency issued by Trump’s wife, has a 5-hour FDV speed pass of 10 billion US dollars, but the value of the team unlock part in the MELANIA token distribution is suspected to be wrong, the official website writes "The total amount of MELANIA is 1 billion: 35% team, 20% treasury, 20% community, 15% public distribution, 10% liquidity", but only 35% of the team has written unlocking rules, and the others have not been written. . This may mean that MELANIA's circulation capacity is 65%. “The MELANIA team part will begin to be unlocked in one month and will be fully unlocked within 13 months.” However, according to the allocation map provided on the official website, the team is allocated 35%. Let’s look at the values ​​in the team unlocking rules below. This is calculated based on 30%.

According to monitoring by on-chain analyst @ai_9684xtpa, regarding the liquidity of MELANIA tokens, so far the DEV address has added 1.2 to the MeteoraMELANIA/USDC pool. There is unilateral liquidity of 900 million tokens. Token Economics points out that 10% of the tokens will be used for LP (i.e. 100 million tokens); there are currently 9.64 million MELANIA and 275 million USDC in the pool, and the TVL is as high as 3.93 billion dollars. Regarding chip distribution, the DEV address has distributed 870 million tokens to five addresses. Three of the receiving addresses have no action yet. The address 7Wk1V...xdMkA and the address 3XKsc...t6uKu are the same.This is done by performing actions that add liquidity.

5. The popular Trump family project WFLI will restart sales after being sold out

On January 20, according to the official website, the pre-sale of official tokens of the Trump family encryption project World Liberty Financial (WLFI) has been completed Sold out. However, after selling out, Trump’s encryption project WLFI stated on social platforms that it had completed the task and sold 20% of the token supply. Due to the huge demand and high attention, it decided to open an additional 5% of the tokens. supply. The team is working hard to restart sales.

Sure enough, WLFI restarted sales just two hours later.

According to on-chain analyst @ai_9684xtpa monitoring, as WFLI is sold out, World Liberty Financial (WLFI) on-chain positions have soared to 235 million US dollars, and the top 3 assets held are all Subscription assets: ETH: US$109 million; USDT: US$63.23 million; USDC : 55.16 million U.S. dollars; the number of ETH holdings has increased to 33,631 pieces. It should be noted that most of them were obtained from WFLI's public offering subscription, and only 12,601 pieces were actively purchased; currently, the institution has purchased a total of 24,433 ETH (cost $3,379), and there are 11,832 coins have been deposited into Coinbase, with unknown purpose.

The Trump family project WLFI spent a total of 48 million USDT to buy 14,403 ETH in the past 11 hours. Eric Trump, Trump’s second son, retweeted World Liberty (WLFI)’s purchase of large amounts of ETH on the X platform and said: “Waiting to see what they will do tomorrow.”

In addition, World Liberty is also interested in the ENS domain name: World Liberty multi-signature address purchased domain name 9290 at around 12:00 today. eth; purchased four ENS domain names: WorldLiberty.eth, trumpcoin.eth, erictrump.eth, and barrontrump.eth 10 hours ago.

As of press time, according to CoinGecko data, TRUMP has increased by 47.3% during the day and is currently trading at $45.39.

MELANIA rose 8.0% during the day and is now at $8.02.