特朗普硬币是一个骗局。甚至他的支持者也知道这一点。

在他的团队于周五晚上推出该代币后​​，每枚代币的价格在大约一天之内从 6 美元飙升至 70 美元以上。由于特朗普的两家附属公司拥有该代币总供应量的 80%，因此特朗普在一个周末的表现基本上就超过了 100 亿美元。

Former President Donald Trump has launched his own cryptocurrency token, named $TRUMP. The coin's value quickly surged after its launch on Friday evening, rising from $6 to over $70 within a day.

前总统唐纳德·特朗普推出了自己的加密货币代币，名为 $TRUMP。周五晚间推出后，该代币的价值迅速飙升，一天之内从 6 美元升至 70 多美元。

Trump's team unveiled the coin on Friday, and two of his affiliate companies own 80 percent of the total supply. This means that Trump essentially manifested over $10 billion in a single weekend. At one point, Axios estimated that $TRUMP momentarily accounted for about 89 percent of Trump's net worth, making him one of the richest people in the world.

特朗普的团队于周五推出了该代币，他的两家附属公司拥有总供应量的 80%。这意味着特朗普在一个周末的收入基本上就超过了 100 亿美元。 Axios 曾估计，特朗普的资产暂时约占特朗普净资产的 89%，使他成为世界上最富有的人之一。

Melania Trump also announced her own coin, $MELANIA.

梅拉尼娅·特朗普还宣布了她自己的货币$MELANIA。

Both $TRUMP and $MELANIA are so-called memecoins, which typically have no business fundamentals or practical use cases. They can be spun up in a matter of minutes and whisked to massively overinflated valuations on social media, before being promptly dumped on the latecomers.

$TRUMP 和 $MELANIA 都是所谓的模因币，通常没有商业基础或实际用例。它们可以在几分钟内启动，并在社交媒体上迅速推高估值，然后迅速被后来者抛弃。

The arc of a memecoin's market cycle almost always bends toward zero: A coin inspired by the “Hawk Tuah” girl was worth $500 million just after it launched late last year and swiftly lost 99 percent of its value. Other silly tokens, such as the inauspiciously named $BODEN (an unofficial, unsanctioned riff on President Joe Biden's lame-duck era) have experienced similar collapses.

Memecoin 的市场周期弧线几乎总是向零弯曲：一枚受“Hawk Tuah”女孩启发的硬币在去年底推出后价值 5 亿美元，但很快就损失了 99% 的价值。其他愚蠢的代币，例如名字不吉利的 $BODEN（一种非官方的、未经批准的对乔·拜登总统跛脚鸭时代的模仿）也经历了类似的崩溃。

Insiders and early adopters turn a quick profit at the expense of latecomers. And although it's definitely possible that Trump's position of global influence gives $TRUMP more staying power than the typical memecoin, it's arguably even more volatile than cryptocurrencies, such as bitcoin, that are not exactly stable in their own right. The value of $TRUMP has already dipped by more than half and is now worth less than $8 billion.

内部人士和早期采用者以牺牲后来者的利益为代价快速获利。尽管特朗普的全球影响力地位绝对有可能使 $TRUMP 比典型的 memecoin 更具持久力，但它可以说比加密货币（例如比特币）更不稳定，而加密货币本身并不完全稳定。 $TRUMP 的价值已经下跌了一半以上，目前价值不足 80 亿美元。

Trump has made an enormous effort to position himself as a powerful ally of the crypto industry: He has said he plans to create a “strategic national bitcoin stockpile” and promoted another crypto business with his three sons just weeks before the election.

特朗普做出了巨大的努力，将自己定位为加密行业的强大盟友：他表示，他计划创建一个“战略性国家比特币储备”，并在大选前几周与他的三个儿子一起推动另一项加密业务。

Trump announced the coin on Truth Social on Friday night at the same time as the pre-inauguration “Crypto Ball,” a ritzy celebration emceed by David Sacks, a tech entrepreneur and podcast host whom Trump has tapped as his crypto czar. It was meant as a kind of debutante ceremony: After four years of what the industry has interpreted as targeted sanctions and harassment from SEC Chair Gary Gensler and other steely regulators, crypto is finally free to become the fullest version of itself.

周五晚上，特朗普在“真相社交”上宣布了这一代币，同时举行了就职前的“加密舞会”，这场盛大的庆祝活动由科技企业家兼播客主持人大卫·萨克斯主持，特朗普任命他为他的加密货币沙皇。这本来是一种首次亮相的仪式：在经历了四年来被业界解读为来自 SEC 主席加里·詹斯勒 (Gary Gensler) 和其他强硬监管者的有针对性的制裁和骚扰之后，加密货币终于可以自由地成为最完整的版本。

Whether memecoins are even legal is a matter of dispute. Biden's SEC regularly went after crypto companies for issuing coins that appeared to violate existing securities laws. But Trump himself is picking the next SEC chair.

模因币是否合法仍存在争议。拜登领导的美国证券交易委员会定期追查加密货币公司发行似乎违反现有证券法的代币。但特朗普本人正在挑选下一任 SEC 主席。

There's also the question of what Trump's new tens of billions of dollars on paper end up amounting to in the real world, because most of the total token supply hasn't actually been issued, and because any attempt to start cashing out would no doubt tank the price. Still, even after Trump has promised a new golden age for crypto during his second administration, his new hypothetical billions practically cement his interest in a more hands-off approach to the industry. Keep in mind: Trump called bitcoin a “scam” just a few years ago, when crypto didn't seem to suit his interests. Trump is far less likely to level those kinds of judgments in the future.

还有一个问题是，特朗普纸面上的数百亿美元新资金在现实世界中最终会达到多少，因为大部分代币供应总量实际上尚未发行，而且任何开始兑现的尝试无疑都会失败。价格。尽管如此，即使特朗普在第二届政府期间承诺为加密货币带来新的黄金时代，他的新假设的数十亿美元实际上巩固了他对对该行业采取更加不干涉的态度的兴趣。请记住：特朗普几年前还称比特币为“骗局”，当时加密货币似乎不符合他的兴趣。特朗普未来做出此类判断的可能性要小得多。

Another potential issue is that because memecoins are so lightly regulated, anyone can buy them, whether they are 12-year-olds with a parent's credit card or North Korean hackers looking for leverage over the global economy. Some of the available supply of Trump's official cryptocurrency might already be controlled by foreign interests.

另一个潜在的问题是，由于 memecoin 的监管非常宽松，任何人都可以购买它们，无论是拥有父母信用卡的 12 岁孩子，还是寻求影响全球经济的朝鲜黑客。特朗普官方加密货币的部分可用供应可能已经由外国利益集团控制。

There's also the chance that Trump's memecoin gambit could inspire other world political and cultural leaders to release similar coins. (Lorenzo Sewell, the pastor who administered today's inaugural prayer, has already announced a $LORENZO coin.) If foreign actors get their hands on Trump's supposedly America-first economic initiatives, the administration's promise to turn the country into a “bitcoin superpower” starts to feel a little hollower.

特朗普的模因币策略也有可能激励其他世界政治和文化领导人发行类似的硬币。 （主持今天就职祈祷的牧师洛伦佐·休厄尔 (Lorenzo Sewell) 已经宣布发行洛伦佐美元硬币。）如果外国势力掌握了特朗普所谓的美国优先的经济举措，政府将美国变成“比特币超级大国”的承诺就开始了感觉有点空虚。

Although much of the crypto world has been eagerly awaiting Trump's return to the White House, a new sense of unease has settled over some of the industry's biggest defenders, who recognize that memecoins don't exactly reflect well on crypto. Memecoins are “zero-sum,” the investor Balaji Srinivasan, typically aligned with Trump, reminded his followers on X over the weekend. “There is no wealth creation … And after an initial spike, the price eventually crashes and the last buyers lose everything.”

尽管加密世界的大部分人一直在热切等待特朗普重返白宫，但该行业的一些最大的捍卫者已经产生了一种新的不安感，他们认识到模因币并不能很好地反映加密货币。通常与特朗普结盟的投资者巴拉吉·斯里尼瓦桑 (Balaji Srinivasan) 周末在 X 上提醒他的追随者，Memecoin 是“零和”的。 “没有创造财富……在最初的飙升之后，价格最终崩溃，最后的买家失去了一切。”

Nic Carter, a prominent crypto investor and Trump supporter, reasons that the unease is indicative of a broader panic, a slow-growing sense that Trump can't be controlled in the way the industry

著名加密货币投资者和特朗普支持者尼克·卡特 (Nic Carter) 认为，这种不安表明了更广泛的恐慌，一种缓慢增长的感觉，即特朗普无法像行业那样受到控制。