jakiro
Source: Geek Park
Officially taking office as US President, withdrawing from the World Health Organization, handling TikTok ban, revoking preferential policies for electric vehicles, and terminating the birth citizenship of illegal immigrants… Trump did a lot of things on his first day of taking office. After all, before taking office, he claimed”On the first day of my tenure, I will issue hundreds of administrative orders.”
But two days before he officially became the president of the United States, he took the time to do an “abstract behavior”: issuing his own digital currency – Trump ($Trump).
On January 18, Trump, who is two days away from becoming the president of the United States, announced his new business on the social media Truth developed by his own group: he released the meme coin, named $Trump,With the slogan of “Join My Very Unique Trump Community”, the image of Meme waving his fists during Trump’s assassination in July was printed on the token.
The official announcement at 10:00 am, the market value of $Trump rose to $5.5 billion by the afternoon, and the total market value soared to nearly $15 billion the next day.The price of a single coin soared from the initial $0.1824 to the highest $82, an increase of nearly 45,000%..
Taking advantage of the victory, on January 20, First Lady Melania Trump also issued her own cryptocurrency, also in the form of meme coins, named $MELANIA, with a beautiful photo of Melania.On January 21, Trump’s youngest son Barron, who claimed to be “Americans watch grow up”, also issued the meme coin of the same name “BARRON”, and its market value once soared to $400 million.
You should know that Trump has previously called cryptocurrency a “scam” and said it is not a real currency, built on air and may promote illegal activities.As a result, two days before the president took office, Trump not only issued cryptocurrencies himself, but his wife also joined the market value after seeing a sharp rise in popularity.
Is this a successful harvest of the first family in the United States?Or is the “personal” support of cryptocurrencies from the new rulers?
01 JusticeCut leeks
To be honest, $Trump’s official website looks a lot like an irregular digital currency fraud website.
Trump meme coin’s promotion and promotion really looks like altcoins | Source: Trump Meme
The one who saw the eyes waving his fists was not known as AI Trump or Trump after serious beauty. His signature fluffy hair was not even clamped cleanly, forming a strange white edge against the blue background.
Just under the two ways of purchasing, a line of small words read “Trump Meme aims to express support and participation in the ideals and beliefs embodied in $Trump and related artworks, and has no intention of becoming any type of investment opportunity, and it is also non-existent.Political.”
In the often overlooked “Terms of Use”, there is also a small word that is specially bolded. In addition to repeating the above paragraph, it also adds “We absolutely do not promise or guarantee that the value of Trump Meme will increase or maintain the price you purchased.”as well as”All transactions are non-refundable, lost or inaccessible, and are not responsible.“Another line of thick paragraph is added at the bottom of the terms.”Class Action Wages”, the general idea is that these terms prohibit users from filing, joining or participating in class action lawsuits.
While promoting this meme coin, the website wrote that Trump showed the world the style of a leader in the assassination, and ignited a movement with strength and courage. He waved his fists and shouted “Fight!” is the most memorable Meme of this century.
The website also likens $TRUMP to “This is your opportunity to join a community dedicated to fighting for something important! Have a time of history!”
The entire website is filled with a cult of personality for Trump, which highly meanings a financial act and continues to divest its financial nature.
There is no introduction to the characteristics of meme coins, such as low unit price, larger amplitude than ordinary cryptocurrencies, and shorter lifespan, and no explanation for the Solana blockchain technology based on it, but only gives users a word notification.
The simplest Q&A｜Source: Trump Meme
The meme coin that has become popular in recent years has largely relied on its traffic, just before $TRUMP: Dogecoin (DOGE).Previously, after Trump’s victory, Musk was appointed as the head of the Ministry of Government Efficiency (DOGE).
Therefore, some people believe that Trump is giving his “redneck” fans a chance to have financial freedom.
However, according to a disclosure on the website that sells tokens, the total supply of Trump coins is 1 billion, with an initial circulation of 200 million, and the remaining 800 million are attributable to Trump-related companies, which will be in the next threeRelease gradually within the year.With the sale of tokens, Trump will receive a lot of money in cash.
It also led Adav Noti, executive director of the non-profit ethics organization Campaign Legal Centre, to publicly state: “This is actually making money with the presidency – creating a financial tool that allows people to transfer money directly to the president’s family through the president’s office.It’s unprecedented.”
People in the currency circle can no longer sit still, and former Coinbase executive Nick Tomaino also said on XTrump has 80% of the token share, which happens to be launched just before the inauguration, is a predatory act that many people will suffer from..”
Former Coinbase CTO Balaji Srinvasan also warned that “meme coins are zero-sum lottery, which does not create wealth, will eventually collapse after a surge, and the person who takes over will lose everything.”
Jim Chanos, a fund manager in the hedge circle, said bluntly, “This means that the next four years will become a golden age of fraud.”
Source: X
In response to this wave of “cutting people’s leeks”, Trump’s second son Eric admitted, “I am very proud of our achievements in encryption. $Trump is the hottest digital meme coin on the planet at present.This is just the beginning.”
Indeed, before $Trump was born, Forbes estimated Trump’s net worth of $6.7 billion, and after $Trump appeared, including the 800 million $Trump held by his affiliates,In theory, his assets can reach $51 billion.Three generations of the Trump family have accumulated a hundred years of wealth,Not as good as a few hours of meme coins to be cashed out.
After the political wealth is imposed, Trump seems to be giving himself a last term to accumulate economic wealth.This also perfectly fits Trump’s two identities:
Businessmen and politicians.
02Just to make money or national strategy
Trump, who started out as a traditional businessman, once disliked cryptocurrency very much.He expressed his dissatisfaction with cryptocurrencies on social media and in interviews on TV many times.Call it a “scam”, “built on the air”, “will promote illegal activities.”
However, Trump’s mentality has also changed with his relationship with Silicon Valley elites in recent years, especially in the 2024 campaign year, when his attitude towards cryptocurrency took a 180-degree turn.
Last July,Just ten days after his assassination, Trump appeared at the annual Bitcoin conference and delivered a speech.Said that if he could return to the White House, he would ask the government to build a large amount of Bitcoin reserves, deconstruct the existing SEC chairman, and choose a crypto-friendly regulator (already done).He also promised to form a presidential advisory board for the crypto industry, so that the United States will become the “cryptocurrency capital on the planet.”
Trump attends the 2024 Bitcoin Conference | Source: Reuters
As soon as this speech was released, the currency circle was also in full swing, because during Biden’s term, the regulation of the crypto industry was unprecedentedly strict. The government stepped in to suppress Bitcoin, promote central bank digital currencies, and even arrested giants in the currency circle.
Trump, who publicly supports Bitcoin, also received reciprocity from the currency circle.
According to his campaign aide, about $7.5 million in digital token donations have been raised within two months since the Trump campaign announced it had accepted cryptocurrency donations in May.Trump also mentioned in his speech that he raised $25 million from the crypto industry.
After Trump won the election, Bitcoin reached a record high, breaking through the price of $100,000 per piece, and even broke through $110,000 on the eve of the inauguration ceremony., the Bitcoin industry uses this to help the new president “set fireworks”.
Dogecoin rose 135%, and the trading volume of the entire cryptocurrency market surged. This craze was slightly extinguished before Trump took office, and it was once again hot after the Trump family continuously launched meme coins.
Bitcoin trend after Trump’s election｜Source: Google
As a politician, I support anyone who opposes his opponent. Trump quickly accumulates favorability in the currency circle within one year. Even in the voices of several bigwigs criticizing $Trump this time, they must first praise the new president for the industry.Acknowledgement.At present, major media and practitioners have revealed that Trump will issue executive orders that will benefit cryptocurrencies soon.
In terms of businessman status, Trump’s eldest son and second son successively established cryptocurrency companies last year. Since he wanted to embrace cryptocurrency with the US government, it would be better to make money for his family first.
First Lady Melania Trump’s meme coins｜Source: X
However, they do not seem to be planning to study in the cryptocurrency field for a long time, but choose to rely on a wave of traffic before Trump’s inauguration ceremony to issue the fastest-money meme coins.In the digital currency industry, the Trump family has ambitions, but not big, revealing the sense of businessmen who only want to make money quickly.
No matter how “supporting ideals” $Trump is under the banner of “supporting ideals”, Trump, as the US President, has the power to influence the ups and downs of an industry. He borrows this power and traffic and takes his whole family’s IP to speculate in coins.Although he looks ugly, he can also be regarded as the best combination of his identities as a businessman, an internet celebrity and a politician.
Orbit Markets co-founder Caroline Mauron described the Trump family’s issuance of coins as “even the cryptocurrency industry didn’t fully anticipate…I think what people were expecting was that he would pursue a more traditional approach to policy.”
This view also condenses the attitudes of many people in the currency circle: shocked, confused, and expecting Trump’s support for the industry, but afraid that he will disrupt the order of the industry.
This is just like Trump did to traditional American politics: he entered the game with one kick, reshuffle the cards, did not play according to the rules, and subverted the establishment.
On the other hand, the new president’s alternative support for the crypto industry also makes Bitcoin a more likely situation for the US strategic reserve. Not only are large Silicon Valley companies hoarding more Bitcoins publicly or privately, but at least 8 nationwideThe management of individual states is planning a plan to rush to raise cryptocurrency.
Just as no one can predict the behavior and psychology of the new president, the surge and plummet $Trump may be just the beginning for the crypto industry.
