A surge in ROSS memecoin’s value has captured attention as market traders speculate that President-elect Donald Trump might grant a commutation to Ross Ulbricht, the convicted creator of the Silk Road dark web marketplace.
Launched in May, ROSS saw explosive growth in November after Trump expressed his intention to free Ulbricht, who is serving a life sentence.
On 17 January, the token reached a market cap of $33 million, marking a nearly 60-fold increase from just $550,000 on November 5.
Traders are betting on Ulbricht’s potential pardon, and the token's value reflects these growing expectations.
ROSS, the unofficial memecoin dedicated to Ulbricht’s cause, gained traction as Trump’s presidential campaign promises aligned with those supporting Ulbricht’s release.
The coin’s rise highlights a unique intersection between cryptocurrency and activism.
Notably, the coin operates on the Solana blockchain, and the ROSS community has pledged 1% of its total supply—currently valued at $275,000—to assist Ulbricht financially.
This move is part of a broader effort to raise awareness about his case, which remains controversial.
$ROSS is currently trading at $0.02659.
ROSS is not the first crypto initiative dedicated to Ulbricht.
In 2021, FreeRossDAO launched an NFT campaign, purchasing an artwork created by Ulbricht himself for nearly 1500 ETH (around $6 million).
The growing attention from the crypto community suggests a unified effort to support Ulbricht’s eventual release, backed by both digital assets and online movements.
Ross Ulbricht, the creator of the Silk Road, is a divisive figure.
In 2015, he was sentenced to two life terms plus 40 years in prison without the possibility of parole for charges related to operating the Silk Road marketplace, including drug trafficking, computer hacking, and money laundering.
Silk Road became notorious for facilitating the anonymous sale of illegal goods, primarily drugs, via Bitcoin transactions.
Despite this, Ulbricht has always maintained that he did not engage in the illegal activities directly, instead advocating for freedom and economic decentralisation.
The marketplace’s impact extended beyond drug trade.
Silk Road became a platform where libertarian ideals were expressed, with many users advocating for individual sovereignty and financial freedom.
Its influence in the early adoption of Bitcoin as a currency for both legal and illegal transactions is undeniable.
However, despite these arguments, the law saw Silk Road’s activities as criminal and sought to bring Ulbricht to justice.
Now serving his sentence in a maximum-security prison, Ulbricht continues to make his case for release.
According to his own accounts, he believes that Trump will commute his sentence.
In a post on December 11, Ulbricht shared his plans:
“For my last monthly resolution of 2024, I intend to study every day and to get up to speed as much as I can as I prepare for freedom.”
While his wife manages his social media, his supporters continue to rally for his release, citing the length of his sentence as excessive for a non-violent first-time offender.
Ulbricht’s prison life has been relatively constructive, as he has used his time to educate others, teaching math and yoga to fellow inmates in an effort to help them rehabilitate.
Despite his controversial past, many see Ulbricht as a misunderstood figure—a libertarian who, in his view, sought to create a platform for free speech and economic liberty.
The movement to free Ulbricht has gathered support from various politicians, public speakers, and institutions.
Notably, venture capitalist Tim Draper has spoken out in favour of Ulbricht’s release, suggesting that the country could benefit from his talents outside of prison.
Draper, along with others in the crypto community, has argued that Ulbricht’s sentence is disproportionate to his crimes.
“We need entrepreneurs like that guy!” Draper stated, reflecting the sentiment of many in the libertarian and crypto communities.
Moreover, Ulbricht’s cause gained significant visibility after Trump expressed an intention to pardon him early in his presidency.
The prospect of a presidential pardon has raised the stakes, as many crypto advocates believe Ulbricht’s release would symbolise a broader move towards more lenient sentencing for non-violent offenders.
Polymarket, a popular on-chain prediction market, currently shows that bettors believe there is a 75% chance Ross Ulbricht will receive a pardon within the first 100 days of Trump’s presidency.
This wager has sparked significant activity, with nearly $4 million in bets placed, accounting for over half of the total volume in the presidential pardon section of the market.
This growing involvement in the prediction market further demonstrates the increasing optimism among supporters of Ulbricht’s release.
The countdown to Ulbricht’s potential release is not just about justice for one individual; it’s also a reflection of the crypto community’s values.
Many view Ulbricht as a symbol of resistance to overreach by the state, particularly in the context of cryptocurrency’s role in decentralising power away from traditional financial systems.
His case resonates with those who advocate for personal freedoms, a principle that sits at the core of the blockchain and crypto movements.
Additionally, the harshness of Ulbricht’s sentence, combined with the significant taxpayer burden of keeping him incarcerated, has led many to question whether the punishment fits the crime.
With the US having the largest incarcerated population in the world, Ulbricht’s supporters argue that 11 years behind bars is more than sufficient for his involvement in Silk Road’s operations, especially considering he was a first-time offender and has shown remorse for his actions.
As the speculation around Trump’s potential pardon continues to grow, the ROSS memecoin’s rise reflects both the financial and ideological stakes for the growing number of supporters backing Ulbricht’s freedom.
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