Donald Trump supporters lose $12,000,000,000 after his meme coin collapses
What is put on top…
Is there nothing that we can learn from the story of Haliey “Hawk Tuah Girl” Welch? Were we not informed by Jimmy “MrBeast” Donaldson that meme coins are considered to be “icky”?
To mark the dawn of a new era driven by cryptocurrency and artificial intelligence, the concept of launching a meme coin to celebrate Donald Trump’s potential return to the Oval Office seemed like a bold, patriotic move. With the promise of creating overnight success stories, reports surfaced that 500 individuals had become millionaires practically by accident—an irresistible proposition for those hoping to strike it rich.
Trump himself wasn’t left out of the meme coin frenzy. As the returning President of the United States, he reaped billions from the soaring value of his own meme coin, capitalizing on the craze.
Meme currencies, with their notorious volatility, often draw comparisons to gambling—and for good reason. A prime example was the launch of Melania Trump’s $MELANIA coin, which ultimately drained some of the value from her husband’s coin. Steps have been taken to prevent such setbacks.
Recently, both the Commander in Chief and his wife have faced criticism, with some calling the current value of Melania’s coin “disgusting” just over a month after its debut. To illustrate the loss, anyone who invested $10,000 when $MELANIA reached its peak of $13.73 would now see their investment reduced to just $652.44.
Since its launch on January 17, $TRUMP has taken a massive hit, losing eighty percent of its value, and things aren’t looking up for the company.
After hitting an all-time high of $73.43 on January 19, the price of $TRUMP has plummeted. As reported by The Telegraph, it has fallen from a $15 billion market cap to just $2.7 billion by February 27. Currently trading at a mere $11.27, it has shed more than $12 billion in value.
Even more startling, the coins Trump personally holds have lost an eye-popping $50 billion in value.
The sharp decline in interest surrounding both $TRUMP and $MELANIA serves as a clear warning for the broader cryptocurrency market. In a similar fashion, Bitcoin, which peaked at $108,786 on January 20—the day of the inauguration—has since dropped to just $79,844. This is a stark contrast to the earlier predictions from experts who believed Bitcoin could reach $200,000 per coin by 2025.
Donald Trump’s ambitious pledge to become the world’s first “crypto president” and the appointment of venture investor David Sacks as the White House’s “Crypto Tsar” now face increasing scrutiny and criticism.
The President’s control over the meme coin market is drawing attention, particularly from Representative Sam Liccardo, a freshman Democrat from California. He is sounding alarms about the risks posed by the cryptocurrency market.
In a recent interview with ABC News, Liccardo voiced his support for the passage of new legislation that would prevent members of the White House and their families from profiting off meme coins. His proposed bill, the Modern Emoluments and Malfeasance Enforcement Act (MEME Act), would make it illegal for anyone from the President to members of Congress—and their families—to “sponsor or endorse a security, future, commodity, or digital asset.” This would also include the President himself.
“Let’s make corruption a criminal offense once more,” Liccardo said, calling for stronger legal action to prevent potential abuses of power in the cryptocurrency world.
The public is the rightful owner of our public offices, and officeholders should not use their political power for personal financial gain or to benefit themselves.
Representative Liccardo criticized the Trump family’s involvement in issuing meme coins, calling it a financial exploitation of the public for personal gain. He also raised concerns about the potential for insider trading and foreign influence over the Executive Branch as a result of such actions.
Given that interest in the Trump dynasty meme coins seems to be waning, Liccardo may find that his concerns are less pressing if this trend continues. However, the broader implications of using public office for personal financial ventures remain a point of contention.
