After having dramatically changed his opinion on cryptocurrencies in the midst of his 2024 campaign, President Donald Trump is now suddenly a cryptobillionaire.
Over the weekend, just days before his inauguration ceremony, Trump launched a surprise meme coin called $TRUMP.
And while the crypto community, who say they felt unfairly targeted during Joe Biden’s term in the White House, were pleased by Trump’s sudden embrace of digital assets, now they have believe they have cause for concern as Trump personally wades into the industry.
“I really was kind of bummed out when I saw it,” said Tom Schmidt, a partner at a crypto venture capital firm Dragonfly, according to the Associated Press. “It just felt very grifty and cheap.”
Multiple crypto analysts have echoed the sentiment that Trump’s offering feels like a quick cash grab, and $TRUMP’s worth has fluctuated wildly. Initial buyers drove the price up to $70 per meme coin, but the price also dropped steeply after the announcement that First Lady Melania Trump would be launching her own meme coin, $MELANIA.
That coin also saw a quick surge upward and a steep drop. As of Tuesday afternoon, four days after its launch, $TRUMP was trading at about $45 per coin while $MELANIA was at $4.
CIC Digital, an affiliated of Trump Organization that organized the meme coin sale, said the coins were not meant to be an investment opportunity but rather a show of support for the President.