Donald Trump Slammed for Launching Official TRUMP (TRUMP) Meme Coin on the Solana (SOL) Network

United States president-elect Donald Trump has come under scrutiny from a section of the cryptocurrency community after surprisingly launching his Official Trump (TRUMP) meme coin on the Solana (SOL) network.

United States president-elect Donald Trump has unveiled his Official Trump (TRUMP) meme coin on the Solana (SOL) network, sparking intrigue and criticism within the cryptocurrency community.

On January 17, Trump announced the meme coin launch through his Truth Social account, stating that the token was being introduced to celebrate ‘winning.’ The announcement sparked speculation that his account might have been hacked, further piquing interest before it became clear that Trump had indeed launched a meme coin, becoming the first U.S. president to do so.

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The token has experienced explosive growth, surging over 12,000% since its launch. At press time, TRUMP was valued at $29 after reaching an all-time high of nearly $35 and achieving a market cap of $5.98 billion.

Meme coins often draw criticism for their lack of utility, and Trump’s cryptocurrency is no exception. Critics argue that the coin exploits his political position for financial gain.

Trump slammed for meme coin launch

During his campaign, Trump pledged to make the U.S. a cryptocurrency hub and even proposed the creation of a Bitcoin (BTC) strategic reserve. However, some believe that the launch of TRUMP undermines these promises and raises ethical questions.

One notable critic is popular YouTuber Stephen Findeisen, a.k.a. Coffeezilla, who questioned the timing and structure of the coin’s distribution. In an X post on January 18, Coffeezilla termed the token unethical to introduce such a project just hours before Trump’s inauguration.

He speculated that forthcoming regulators might shield the project from legal repercussions, labeling the move “nasty work.” Coffeezilla also expressed concerns about 80% of the token supply being reserved for insiders, leading to significant losses for less informed supporters.

> dropping TRUMP memecoin 2 days before becoming president is nasty work

> new SEC/DOJ guarantees no prosecution

> 80% of tokens vest to insiders DURING the presidency

> most ppl losing money will be MAGA who aren’t crypto native

> *should* be a crime but crime is legal now ig?

Similarly, crypto commentator Brian Krassenstein, who was initially skeptical about the coin’s legitimacy, urged Bitcoin supporters backing Trump to reconsider. He pointed to accusations of insider trading and rapid wealth accumulation from the token, calling it “peak grift and cronyism.”

“If your goal is to unite the country around Bitcoin this is the exact opposite of what you should want. Trump has allegedly tripled his net worth in just hours. This comes two days before inauguration while he and his inner circle reportedly control 80% of a $20 BILLION COIN. <…> If this isn’t peak grift and cronyism, I don’t know what is,” he said.

Economist Peter Schiff, a well-known cryptocurrency critic, mocked the sudden rise of the coin’s market cap compared to Bitcoin. Sarcastically, he suggested creating a “strategic reserve” for TRUMP tokens.

Meanwhile, Anthony Scaramucci, a former Trump aide, dismissed the project as “corruption,” describing the frenzy around the coin as harmful to the broader crypto industry.

The Trump meme coin stuff is bad for the industry. Don’t delude yourself. It’s Idi Amin level corruption.

Intrigues around TRUMP launch

The token’s meteoric rise has significantly rewarded early investors. For example, one trader reportedly turned $50,000 into nearly $1.1 million within two hours. For perspective, an analysis by The Kobeissi Letter noted that $100 invested in the S&P 500 in 1994 would be worth $2,250 today, a 2,150% return over three decades. By comparison, TRUMP delivered an extraordinary 4,000% return in less than four hours.

Only 20% of the maximum TRUMP supply—200 million coins—is circulating in the market. The remaining 800 million coins will be gradually released over the next 36 months. It is widely believed that Trump himself controls this 80% reserve.

Skeptics warn that this influx of supply could eventually crash the coin’s value, potentially driving it to zero. On the other hand, proponents argue that the gradual emission schedule will help balance supply and demand, stabilizing the price over time.

In summary, the rollout of the TRUMP meme coin cements the recent frenzy around such tokens and has often capitalized on social media hype and major events. While some investors have reaped massive profits, concerns persist over insider trading and the legitimacy of similar projects.

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