Source: Wall Street News

To cut leeks, do you still have to watch the Trump family?

According to the Global Times, on January 18, just two days before Trump actually entered the White House, he launched his personal MeMe coin "Trump Coin".

The token became a hit as soon as it was launched. CoinGecko data shows that "Trump Coin" started trading at the opening price of $0.1824, rose by more than 15,000% to approximately $30 within 12 hours, and rose to a maximum of $75.35 since its launch (a cumulative increase of more than 41,200%), completely diluting the market value. (FDV) has a market capitalization of nearly $80 billion.

With the popularity of "Trump Coin", Trump's wife Melania also took advantage of the situation and launched her own cryptocurrency-Melania Coin. On the 20th, Melania announced on social media

Traders quickly poured in, pushing the price of "Melania Coin" to exceed $5, and the market value of FDV exceeded $5 billion. Similar to "Trump Coin", "Melania Coin" is also a MeMe coin based on the Solana blockchain, and its value relies on the attention and participation of the community.

Not only the Trumps, but also the Trump family are busy issuing coins. Autism Capital said that the Trump family is really like "Game of Thrones":

Trump launched his own NFTs. His son Barron tried to launch his own shitcoin with Shkreli, only to be cast aside. Trump's other sons, Don Jr. and Eric, were busy launching World Liberty Fi and trying to keep Barron out of it. Trump launched a Pump fun token while everyone was on CryptoBall.

Melania countered by launching her own coin while he was busy with his victory rally. “It’s really a digital currency game.”

Netizens ridicule the Trump family’s coin issuance

The Trump family’s coin issuance This behavior has had a huge impact on the entire cryptocurrency market, including conflicts within the family. After "Melania Coin" went online, Trump Coin plummeted 60% within 30 minutes, Solana fell 20%, and Bitcoin fell 6%.

According to reports, the Trump family passed His company holds 80% of the total Trumpcoin supply. Once Trump Coin was launched, it quickly became the 24th most valuable cryptocurrency in the world, with a market value that once exceeded US$80 billion, making the Trump family the biggest beneficiary of this surge.

This also means that once the Trump family engages in any selling behavior, countless investors will lose their money.

Nic Carter, a founding partner of the cryptocurrency investment company Castle Island Ventures, bluntly criticized this move as "absurd" and warned that if investors suffer losses as a result, it will be harmful to Trump himself and himself. negatively impacting the entire cryptocurrency industry.

Although Trump promised “no new transactions” during his term before his first term, his eldest son Donald Trump Jr. and second son Eric Trump have begun to get involved in the cryptocurrency field and established their own Company World Liberty Financial.

However, according to analysis by blockchain analysis company Arkham, the Trump family did not sell US$500 million worth of Trump coins, but held about US$500 million on the blockchain. Trumpcoin Liquidity Pool.

The Trump family withdrew $20 million in USDC (a stable currency) from the liquidity pool and sent $92 million worth of Trump coins to the exchange. Currently, there are approximately $370 million in USDC in the liquidity pool, which means that the Trump family still controls most of the liquidity pool’s funds.

In addition, this move by the Trump family has also raised questions about whether it will use the incoming presidency to serve its own business interests.

Anthony Scaramucci, founder of Tianqiao Capital, believes that the Trump couple’s behavior is extremely detrimental to the cryptocurrency industry, calling this behavior “self-deception” and suggesting that deeper corruption may be involved behind it. .

1confirmation founder Nick Tomaino criticized that this is predatory and many people may be harmed by it. Trump should be giving money to the people, not using it to enrich himself or his team.

Meidas Touch co-founder Ben Meiselas believes that Trump should focus on more pressing matters instead of focusing on launching Meme coins.

Qiao Wang, co-founder of AllianceDAO, believes that Trump can announce that the token will be used for some kind of finance, such as buying Greenland, aiding Los Angeles, or upgrading the power grid and other public projects. If this path is chosen, cryptocurrencies will be given a more positive meaning, viewed as the greatest capital formation mechanism of all time, and their uses will be widely recognized as initiatives that benefit society, ushering in a golden age of cryptocurrencies. However, if Trump chooses to do nothing and simply use the tokens to continue amassing wealth for himself, then this behavior will be considered a crime.