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Memecoin Mania: Trump’s Meme Coins Spark Chaos in Crypto Market
Meme coins have officially entered the halls of power. Just a day before President-elect Donald Trump’s inauguration as the 47th U.S. President, he and his wife, First Lady Melania Trump, have dropped their meme coins, $TRUMP and $MELANIA, sparking a frenzy of reactions on Crypto Twitter.
The meme coins surged in value, with $TRUMP climbing to a fully diluted valuation (FDV) of $72 billion and $MELANIA surging over 12,000% within hours of the launch, according to DexScreener.
However, the meme coin debuts siphoned liquidity from the broader crypto market, leaving Bitcoin steady and altcoins struggling to recover.
Bad Move for Crypto?
Others condemned the move as exploitative and unethical. Coffeezilla, a YouTuber known for exposing crypto scams, didn’t hold back:
“80% of tokens vest to insiders DURING the presidency… “should be” a crime, but crime is legal now, I guess?” he said, blasting the meme coin debuts.
Alpha Prime Capital founder William Scythe accused Trump of prioritizing personal gain over public service:
“This is a very sad day for America when the President realizes he can scam people himself, going from the most anti-crypto to a crypto maniac… scamming his MAGA cult with $TRUMP coin,” Scythe wrote.
Melania’s $MELANIA token faced even sharper backlash. Conor Grogan, head of product business operations at Coinbase, noted:
“This token was handled by a less professional team… the creator wallet was funded via a Solana memecoin launchpad.”
One Step Forward, Two Steps Back
For some, like Caitlin Long, CEO of Custodia Bank, the incident hinted at future regulatory shifts:
“WELL, one of the side effects of meme-coining is that Trump now has a real incentive to change the taxation of #crypto in the US,” Long tweeted.
For others, the moment represented a step backward:
“This isn’t onboarding. This isn’t education. This isn’t how we build a better future. We have to do better,” lending platform ZeroLend’s co-founder Gafoor Khan wrote.
Conclusion
The meme coin phenomenon has sent shockwaves through the crypto community, sparking a mix of excitement and outrage. While some see this as a step forward in the adoption of cryptocurrency, others view it as a step backward, citing concerns over ethics, regulation, and the potential for manipulation.
FAQs
Q: What are meme coins, and how do they work?
A: Meme coins are a type of cryptocurrency that is created around popular internet memes, often with little to no real-world utility.
Q: How did the meme coins of Donald Trump and Melania Trump come to be?
A: The Trumps created their meme coins, $TRUMP and $MELANIA, in the days leading up to Trump’s inauguration as President.
Q: What was the reaction to the meme coins in the crypto community?
A: The reaction was mixed, with some crypto enthusiasts celebrating the potential for increased adoption and others criticizing the move as exploitative and unethical.
Q: What are the potential implications of meme coins for the crypto market?
A: The meme coins have the potential to siphon liquidity from the broader crypto market, leaving established cryptocurrencies like Bitcoin and altcoins struggling to recover.
