According to Axios, Trump has launched a “meme coin” called $TRUMP, which is being marketed as the “only official Trump meme.”
The coin has already reached a valuation of about $32 billion. Since the Trump Organization owns 80% of the coins, this means Trump and his businesses have gained roughly $25 billion from the venture... Continue reading here ▶
Rapid Market Growth
Techdirt writer Mike Masnick shared on Bluesky that the meme coin’s market cap soared quickly, hitting $9 billion within 12 hours and then climbing to $15 billion shortly after.
By 1:30 PM Eastern Time, the coin was trading at nearly $30 per unit. However, Masnick noted that the market was volatile: “People are dumping like crazy and it’s dropping fast. Noticing many large dollar sales, while buys are small amounts,” he wrote.
Critics Call It a Scam
Journalist Judd Legum, who runs the Popular Information newsletter, labeled the coin a “brazen grift.” British author Hari Kunzru warned that Trump supporters buying into the coin could soon face disappointment.
“Wake up to find that the incoming president is pumping a meme coin and is probably about to rugpull his followers and make several billion dollars,” Kunzru wrote.
Matt Novak from Gizmodo expressed disbelief, noting that this venture is different from Trump’s earlier sale of non-fungible tokens (NFTs), which included pieces of the suit he wore in his mugshot.
“This time, it’s specifically a fungible crypto coin, and it comes with a ridiculous disclaimer that screams rugpull,” Novak wrote, referencing scams where creators cash out and leave investors with worthless assets.
Warning Label Sparks Concerns
The disclaimer Novak mentioned tells buyers that the coin is meant to show “support for the ideals and beliefs embodied by the president-elect.” It also warns that the coins are not intended to be an investment or security of any kind.
Public Reaction
Author Benjamin Dreyer summed up the confusion and frustration many feel: “I have no idea what a fungible meme coin is, and if you attempt to explain it to me, I’ll block you.”
Source: AXIOS
