On the day before he officially became the 47th President of the United States, Trump has made new waves in the crypto asset world. He launched a controversial memecoin and named it after himself.
The memecoin dubbed TRUMP, which launched on January 17, has sparked a lot of discussion and is now facing a backlash from critics who believe that it is a problematic venture for the incoming president.
While everyone was expecting Trump to take over the White House, the US President-elect surprised the crypto asset community by launching his own memecoin on the Solana blockchain.
The move has triggered a storm of criticism, questioning the ethics of the US President launching his own memecoin. Popular You Tuber Stephen Findeisen believes that the launch of memecoin just days before the inauguration is inappropriate, considering that Trump will appoint a new chairman of the Securities and Exchange Commission (SEC). Some of his remarks are as follows: "It is inappropriate to launch memecoin two days before Trump takes office as president." "The new SEC/DOJ guarantees that they will not prosecute." "80% of the tokens belong to insiders during the presidency." "Most of the people who lose money will be MAGA, they are not native to Crypto assets." Other critics question Trump's new venture, believing that it blurs the line between government and business to some extent.
Even Trump’s former aide Anthony Scaramucci slammed the new memecoin, calling it a form of “corruption” and arguing that Trump memecoin could have an adverse impact on the broader digital asset market.
Adav Noti, executive director of the Campaign Legal Center, accused Trump of using his presidency for personal gain, saying that “Trump memecoin” could be seen as an act of profiteering.
According to reports, about 80% of the tokens will be distributed to individuals within the incoming president’s circle.
Noti pointed out: "This is simply cashing in on the presidency, that is, creating a financial instrument that allows people to transfer money to the president's family members related to the presidency. This is simply unprecedented."
Some people in the Crypto asset industry are also not optimistic about this new memecoin, believing it to be a "dirty" means.
Former Coinbase executive Nick Tomaino said in a post: "Trump owns 80% of the shares and launched it a few hours before the inauguration. This is predatory and many people may be hurt by it."
Analysts said that the new Trump-based pass reached a market value of $400 million in just 15 minutes, and that the memecoin also pushed Solana's native pass SOL to a record high of $267.
And the new Trump memecoin website is deployed almost exactly like his previous NFT website.
Same cloudflare setup, same Heroku deployment, same SSL certificate issuer. Very similar to the previous HTML structure.
Market observers said the memecoin’s value almost reached $35 before stabilizing around $29, adding that some Crypto asset traders recorded gains.
One investor reportedly made between $50,000 and $1.1 million in a few hours.
However, it is too early to judge the future trend of the token, considering that only 20% of the 1 billion TRUMPs are in circulation. The remaining 80% of the tokens will be issued over the next three years.
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