Summary
Donald Trump launched a meme coin during his inauguration celebrations, prompting backlash from the crypto industry.
While Trump has pledged pro-crypto reforms and appointed industry-friendly officials, critics say his meme coin venture undermines efforts to legitimize digital assets, branding it as a “cash grab.”
The coin, initially priced at $70, dropped to $45 after First Lady Melania Trump launched her own meme coin.
Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.
The Trump Organization organized the sale of the coins, which are marketed as expressions of support rather than investment opportunities.
It was a quid pro quo to gain libertarian votes. I am surprised his people are having him follow through on his side though.