- At the weekend Donald and Melanie Trump launched memecoins.
- While Donald’s rose to massive heights before dropping, the value of Melania’s coin continue to plummet.
- The Trump Organization and Fight Fight Fight LLC holds 80 percent of the coins and is subject to a three year unlocking schedule.
Ahead of his inauguration as the President of the United States of America, Donald Trump launched a memecoin.
A memecoin is a cryptocurrency token that is tied to a popular meme or personality. The tokens are generally very volatile and unfortunately, are often a tool used by pump and dump schemes. There are innumerable examples of these coins over the years including most recently a controversial token heralded by Hailey “Hawk Tuah Girl” Welch.
The Trump memecoin launched on 18th January at a price of $9.83 and shot up to $75.08 by Sunday. The meme the coin is tied to is the attempted assassination of Donald Trump on 13th July according to the official website.
However, in the days after the value of the coin has dropped to $35.83. For those who bought this coin at launch, that’s a decent gain but given that the floor keeps getting lower, it’s going to become that much harder to make gains on the coin, especially long term. That having been said, the cult of personality surrounding Trump may help raise the price eventually.
While the price of $TRUMP rose during his inauguration on Monday, the increase wasn’t all that notable compared to the gains it saw at the weekend.
This is unfortunate for the Trump Organization, and Fight Fight Fight LLC which holds 80 percent of the coins and is subject to a three year unlocking schedule. What that schedule looks like is unclear but it may have prevented a rug pull on unsuspecting buyers when the price of the coin rose as high as it did.
Some have said that the launch of this coin is good news for the cryptocurrency space and signals that the new President may pave the way toward proper regulation and oversight. Others meanwhile are concerned about the ethics and current regulatory climate surrounding the launch of this coin and what this means for the future of the US economy.
Trump has been positive about cryptocurrency throughout his campaign something that seemingly helped prop up the price of Bitcoin the days after he won the election.
The day after Trump launched his memecoin, his paramour, Melania Trump launched her own coin. At launch the coin cost $7.40 and peaked at $13.48, today the coin is trading at $4.30.
It’s here that we need to mention that putting your money into cryptocurrency, especially memecoins and altcoins, is a massive risk. The price of these digital tokens can shift wildly overnight and lead to major losses. We advise that folks never invest more than they can afford to lose when buying cryptocurrencies and never believe claims of guaranteed gains.
