Donald Trump Addresses TRUMP Memecoin’s Rise and Fall: ‘I Launched It, That’s All I Know

The post Donald Trump Addresses TRUMP Memecoin’s Rise and Fall: ‘I Launched It, That’s All I Know appeared first on Coinpedia Fintech News

Donald Trump’s TRUMP memecoin has taken the crypto world by storm, becoming the fastest-growing memecoin in history. Launched on January 17, just days before his inauguration, the Solana-based token quickly reached a market cap of $13 billion over the weekend. However, it has since dropped to around $8 billion after a sharp 50% decline, following the launch of a competing memecoin by First Lady Melania Trump.

Speaking to reporters Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President admitted he wasn’t deeply involved in the project, saying, “I don’t know much about it other than I launched it,” but acknowledged its success.

When told about its multi-billion-dollar valuation, he joked, “$8 billion? That’s peanuts for these guys,” referencing tech leaders like SoftBank’s Masayoshi Son and OpenAI’s sam altman sam altman Sam Altman is the CEO of OpenAI, a pioneering artificial intelligence research organization. With a relentless commitment to advancing the frontiers of AI and technology, Sam has led OpenAI in its mission to ensure that artificial general intelligence benefits all of humanity. His visionary leadership and deep expertise in the tech industry have propelled OpenAI to the forefront of AI research and development, making significant contributions to the field. Sam’s innovative thinking and dedication to ethical and responsible AI make him a driving force in shaping the future of artificial intelligence for the betterment of society and beyond. Chief Executive Officer who were present at the event.

However many think this is Trump’s strategy to recover his election campaign spending and this meme mania will fade soon once crypto guidelines are in place. 

A National Crypto Agenda

Moreover, many critics have lashed Trump’s meme mania. Since its launch, the token has been under fire without any clear crypto regulations it’s like a gamble to invest in memes. Trump’s administration is reportedly planning to make crypto a national policy priority, with an executive order in the works. David Sacks has been appointed as the administration’s crypto czar to guide these efforts.

Despite its success, the TRUMP memecoin could complicate ongoing efforts to pass crypto legislation. Analysts warn that its association with Trump may increase political divisions, slowing progress on much-needed regulations. TD Cowen highlighted that investigations into the token’s insider ownership and market influence could further delay bipartisan agreements.

Even Mark Cuban, a multi-billionaire and crypto investor believes that TRUMP coin is overhyped and it will be a scam to invest in such projects without clear regulations and will ruin crypto credibility.  

Getting into the topic of regulations recently Washington Post revealed that in one of Trump’s executive orders, there will be a repealing of controversial SEC crypto accounting guidance, SAB 121. 

Also Read :   Crypto Legislation in the US May Be Finalized by 2026, Says TD Cowen, But!    ,

Exchanges Listing TRUMP

The TRUMP memecoin is getting more popular as platforms like Coinbase and Robinhood, trading at around $42, up 8.7% in the past 24 hours. Trump’s changing remarks and showing a lack of interest in knowing the memecoins is giving a cold vibe to the crypto investors. Critics are claiming that the token’s popularity might give a perception of crypto as a speculative coin and a gamble taking away its real-world use.

The memecoin’s launch is clashing with major tech and Finance development, including a $500 billion AI infrastructure project involving OpenAI, Oracle, and SoftBank. While the TRUMP token has brought attention to the crypto space, its long-term effects on the industry remain uncertain.