The $TRUMP token, a memecoin inspired by U.S. President Donald Trump, has secured listings on several major exchanges.
The $TRUMP token, inspired by U.S. President Donald Trump, has seen mixed fortunes following its debut in the crypto sphere. While the token enjoyed a brief surge in value, skyrocketing from $3 to a peak of $76.94, it subsequently took a hit, losing more than 40% of its value in the past 24 hours.
Despite the token’s relative success and Trump’s previous campaign promises regarding pro-crypto policies, digital assets were notably absent from the administration’s official "America First Priorities." Instead, the president's agenda focused on public safety, energy independence, government reform, and traditional American values.
Moreover, speculation regarding Trump issuing an executive order to establish a strategic Bitcoin reserve also went unrealized on January 20. However, some market analysts remained optimistic that crypto-related initiatives might still be introduced during Trump's second term.
According to Bettors on Polymarket, a decentralized prediction platform, there's still a one-in-three chance that a Bitcoin reserve could be announced within Trump’s first 100 days in office.
California Representative Maxine Waters, ranking Democrat on the House Financial Services Committee, expressed concerns about the impact of Trump's memecoin. In a statement, Waters described the token as the "worst of crypto" and warned that it could threaten the industry's credibility.
Waters alleged that the memecoin lacked transparency, prevented investors from filing class-action lawsuits, and created avenues for money transfers without sufficient oversight. She suggested that these factors could enable circumvention of anti-corruption and national security laws. The congresswoman also predicted that investors would ultimately bear the losses once insiders cashed out, referring to the potential for a "rug pull."
“Through his memecoin, Trump has created a way to circumvent national security and anti-corruption laws,” said Waters.
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