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Source: Wall Street News
To cut leeks, it depends on Trump’s 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 popular as soon as it was launched.CoinGecko data shows that “Trump Coin” started trading at the opening price of $0.1824, rising more than 15,000% to about $30 in 12 hours, and rose to a maximum of $75.35 since its launch (cumulative increase of more than 41,200%), completely diluting its market value.(FDV) market capitalization is close to US$80 billion.
With the popularity of “Trump Coin”, Trump’s wife Melania also took advantage of the opportunity to launch her own cryptocurrency – Melania Coin.On the 20th, Melania announced on social media X that “Melania’s official emoticon package is online” and attached a purchase link.
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 Solana blockchain, and its value depends on the attention and participation of the community.
Not only Trump and his wife, Trump’s family is busy issuing coinsAutism Capital says the Trumps are really like Game of Thrones:
Trump launches his own NFTs.
His son Barron attempted to launch his own shitcoin with Shkreli, but was left aside.
Trump’s other sons, Don Jr and Eric, are busy releasing World Liberty Fi and are trying to exclude Barron.
Trump launched a Pump fun token while everyone was on CryptoBall.Melania fought back while he was busy with the victory rally and pushed out her own coins.
“It’s really a game of digital currency.”
Netizens joked about Trump’s family issuing coins
The Trump family’s coin issuance has brought huge impact on the entire cryptocurrency market, including mutual impact within the family.After the “Melania Coin” was launched, Trump’s coin plummeted by 60% within 30 minutes, Solana fell by 20%, and Bitcoin fell by 6%.
1.Trump family, the biggest beneficiary of Trump currency
The Trump family reportedly holds 80% of the total supply of Trump’s currency through their companies.Once launched, Trump’s currency quickly became the 24th most valuable cryptocurrency in the world, with a market value of over $80 billion at one point, making the Trump family the biggest beneficiary of this round of surge.
This also means that once any selling occurs in the Trump family, countless investors will lose all their money.
Nic Carter, founding partner of cryptocurrency investment firm Castle Island Ventures, bluntly criticized the move as “absurd” and warned that if investors suffer losses, it would have a negative impact on Trump himself and the entire cryptocurrency industry..
Although Trump promised to “not make new deals” 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 set up his own company World Liberty Financial.
However, according to analysis by blockchain analysis company Arkham, the Trump family did not sell $500 million worth of Trump coins, but held about $500 million in Trump coins liquidity pool on the blockchain..
The Trump family pulled $20 million in USDC (a stablecoin) from the liquidity pool and sent $92 million worth of Trump coins to the exchange.Currently, there is about $370 million in the liquidity pool, which means that the Trump family still has the funds for most of the liquidity pool.
2. Use your presidential status to make money?
In addition, the Trump family’s move has also raised questions about whether it uses its incoming presidency to serve its own business interests.
Anthony Scaramucci, founder of Sky Bridge Capital, believes that the Trumps and his wife’s behavior is extremely unfavorable to the cryptocurrency industry, calling it “self-deception” and suggesting that deeper corruption may be involved behind it.
1confirmation founder Nick Tomaino criticized that it was predatory and many people could be hurt by it.Trump should airdrop the people instead of using this to make himself or his team rich.
Meidas Touch co-founder Ben Meiselas believes that Trump should focus on more pressing matters rather than focusing on launching Meme coins.
AllianceDAO co-founder Qiao Wang believes Trump can announce the use of tokens for some kind of fiscal policy, such as buying Greenland, aiding Los Angeles or upgrading public projects such as power grids.If this path is chosen, cryptocurrencies will be given more positive meaning, seen as the greatest capital formation mechanism ever, and their uses will be widely recognized as an initiative to benefit society, thus opening up the golden age of cryptocurrencies.However, if Trump chooses to do nothing and simply uses tokens to continue accumulating wealth for himself, this behavior will be regarded as a crime.
