Meme coins have officially entered the halls of power.
A day before President-elect Donald Trump is inaugurated as the 47th President of the United States, he and his wife, First Lady Melania Trump, have released their commemorative coins. Official trump ($TRUMP) and Melania Mme (Melania), sparked a flurry of reactions on Crypto Twitter.
$TRUMP tops $72 billion in fully developed value (FDV), $MELANIA is up more than 12,000% within hours of its launch. DexScreener Data.
However, MemCoin has emerged from the broader crypto market and offers a liquid account. Bitcoin (BTC) is stable and altcoins are struggling to recover.
Like famous meme coins Dogecoin (DOGE) and Shiba Innu (SHIB) slipped 7% and 6% each in the last 24 hours Pepe coin ( PEPE ) saw a similar decline, falling 12.6%. CoinGecko Data.
Amidst the chaos, opinions ranged from enthusiasm about mass adoption to ethics and murder.
Arthur Hayes co-founder of BitMEX brought together traders and pushed $TRUMP to a $100 billion market cap. “Let's honor the Emperor by sending meme coins to 100 billion until Monday. He wrote By X (formerly Twitter).
Bad move for crypto?
Others condemned the move as exploitative and unethical. Coffizilla, a YouTuber known for exposing crypto scams, didn't hold back:
“80% of the tokens during the presidency are for an insider…”It must be a crime, but I guess crime is legal now?” he said. Blow up The meme coin starts.
Alpha Prime Capital founder William Sayte accused Trump of putting personal interests ahead of public service.
“It's a sad day for America when the president realizes he can scam people himself by going so anti-crypto as to be crypto-maniac… defrauding his MAGA cult with $TRUMP coins,” Scythe wrote. He wrote.
Melania's $MELANIA token has faced a sharper reaction than before. Conor Grogan, head of product business at Coinbase, said:
“This token is hosted by a less professional team…The creator's wallet is funded by the Solana memecoin launchpad.”
For some, like Caitlin Long, CEO of Custodia Bank, the incident hinted at future regulatory changes:
“Well, one of the side effects of mim-coining is that Trump now has a real incentive to change #crypto taxation in the US,” Long said. He tweeted..
One step forward, two steps back
For others, time represents a step back:
“This is not boarding. This is not a lesson. This is not how we build a better future. We need to do better,” said Gabor Khan, co-founder of the lending platform Zeroland He wrote By X.
Many traders reflected On SEC Chairman Gary Gensler's past warnings. Anonymous Crypto Trader Ash Crypto He tweeted.: “I think we all have to say this: Gary Gensler, we're sorry, you were right, our place is a joke.”
Yet amid the turmoil, Diane Crypto struck a hopeful note about medium-term prospects.
“I think the market may enjoy this more than you think in the coming weeks,” the crypto trader wrote. “Especially when they bring Trump coin to multiple chains (including ETH), it will drive the whole market crazy.”
Edited by Sebastian Sinclair
Daily Debrief Newspaper
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