Trump faces backlash over TRUMP meme coin launch before inauguration
The post Trump faces backlash over TRUMP meme coin launch before inauguration appeared on BitcoinEthereumNews.com.
The current President-Elect of the United States, Donald Trump, has caused much controversy in the crypto space after launching his Official Trump (TRUMP) meme coin on Solana (SOL) two days before the inauguration. The announcement on January 17 through Trump’s Truth Social account stated that the token was for him and his “winning.” The initial speculation pointed towards a possible hack, but the confirmation came shortly after, with Trump becoming the first U.S. president to endorse a meme coin. Critics raise ethical concerns Like others, the TRUMP meme coin has been criticized for having no real-world application. Critics and analysts have pointed out that using the Trump administration’s position to endorse cryptocurrency is questionable. YouTuber Stephen Findeisen, also known as Coffeezilla, criticized the timings of the project. In a Jan. 18 post, he called the launch of the coin ‘unethical’ and raised concerns with the reported 80% of the coins being distributed to Trump’s inner circle. Findeisen described the situation as ‘nasty work’ due to the risks of large losses for inexperienced investors. > dropping TRUMP memecoin 2 days before becoming president is nasty work> new SEC/DOJ guarantees no prosecution> 80% of tokens vest to insiders DURING the presidency> most ppl losing money will be MAGA who aren’t crypto native> *should* be a crime but crime is legal now ig? — Coffeezilla (@coffeebreak_YT) January 18, 2025 Peter Schiff, an economist who has consistently dismissed cryptos, likened the coin to Bitcoin in sarcasm while making fun of it. Former Trump aide Anthony Scaramucci called it “corruption” and warned it may negatively impact the broader crypto market. Crypto-influencer Max Schwartzman said that it is possible that Trump’s account was hacked, as the TRUMP COIN website has the same design as Trump’s previous NFT project. Others, like 0xCygaar, pointed out that the two…
Filed under: News - @ January 18, 2025 11:26 pm