After having dramatically changed his opinion on cryptocurrencies in the midst of his 2024 campaign, President Donald Trump is now suddenly a cryptobillionaire.
President Donald Trump, having drastically shifted his stance on cryptocurrencies during his 2024 campaign, has now become a cryptobillionaire.
Over the weekend, Trump unveiled a surprise meme coin, $TRUMP, just days before his inauguration ceremony.
While the crypto community was initially elated by Trump's embrace of digital assets, following his perceived neglect of the industry during Joe Biden's presidency, they now have a new cause for concern.
“I really was kind of bummed out when I saw it,” said Tom Schmidt, a partner at crypto venture capital firm Dragonfly, as reported by the Associated Press. “It just felt very grifty and cheap.”
Several crypto analysts have expressed the view that Trump's offering appears to be a blatant cash grab, and the value of $TRUMP has experienced significant volatility.
Initially, buyers drove the price up to $70 per meme coin, but the price dropped sharply after the announcement that First Lady Melania Trump would also be launching her own meme coin, $MELANIA.
Her coin also saw a brief surge followed by a steep decline. As of Tuesday afternoon, four days after its launch, $TRUMP was trading at around $45 per coin, while $MELANIA was at $4.
CIC Digital, an affiliate of the Trump Organization that arranged the meme coin sale, stated that the coins were not intended to be an investment opportunity but rather a way to show support for the President.
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