The post Eric Trump Breaks Silence On $TRUMP Memecoin Amid Criticism and Dumps appeared on BitcoinEthereumNews.com.

Eric Trump has addressed the ongoing debate surrounding the $TRUMP memecoin, a cryptocurrency launched by President-elect Donald Trump. This follows reports of a whale trader profiting nearly $12 million from trading the token shortly after its release. The launch, which has triggered significant controversy, has drawn responses from financial experts, crypto enthusiasts, and ethics watchdogs. Eric Trump’s Take on $TRUMP Memecoin Eric Trump, the son of President-elect Donald Trump, commented on the $TRUMP memecoin’s rapid rise, calling it the “hottest digital meme on earth.” The $TRUMP token, launched late Friday, surged in value within hours, becoming a top trending topic in the cryptocurrency space. According to CoinGecko, its market capitalization exceeded $5 billion by Saturday afternoon, with trading volumes surpassing $11 billion. The token’s price more than doubled, reaching over $27 within 24 hours of its launch. The memecoin is owned primarily by CIC Digital LLC, a company tied to Donald Trump, which holds 80% of the token’s supply. With an estimated $20 billion in assets on paper under the current market price, the launch has raised questions about the intersection of Trump’s financial interests and his upcoming presidency. Peter Schiff, an economist and Bitcoin skeptic, weighed in on the rapid rise of the $TRUMP token. “It took Bitcoin four years to reach a $5 billion market cap. $TRUMP did it in one day,” he wrote on X. Schiff sarcastically suggested creating a strategic reserve for the memecoin and requiring its inclusion in retirement accounts. However, the comments drew mixed reactions, with some dismissing the comparison between Bitcoin and a newly launched meme-based cryptocurrency. Whale Trader Profits $11.8 Million Amid Market Activity A significant transaction involving the $TRUMP memecoin occurred hours after its launch, catching the attention of blockchain analysts. A whale trader, who reportedly spent $12 million purchasing 860,895…

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Filed under: News - @ January 19, 2025 12:15 am