Last week saw every manner of wailing and gnashing of teeth about the so-called meme coin of the Trump campaign called $TRUMP. It was created three days before the inauguration, soared to a $50 billion market cap, and settled down, with half the owners new to the crypto market.
Another coin is $MELANIA, and it followed a similar path.
We’ll see if these have much of a future, but they sure did generate commentary, with even people inside the industry furious that the coin exists at all.
Others described this as nothing short of corruption and a very bad sign that Trump has linked arms with a wealthy tech set and is using those contacts to pad his personal wealth with $TRUMP as the main case in point.
The new tokens were floated by CIC Digital LLC and Fight Fight Fight LLC, both Trump family companies. Yes, Trump stands to benefit but only if the initial investors cash out right now. The market capitalization is not the same as profits.
The high dudgeon of opposition surrounding this product is quite ridiculous, in my view, and telling because nothing else that the Trump team has done has generated this level of frenzy. People rolled their eyes at the gold sneakers, the non-fungible trading cards, and the “Fight, Fight, Fight” cologne. Somehow, when the exact same marketing approaches are deployed within the spooky land of crypto tokens, everyone loses their minds.
BFD, another meme coin. You can buy it or not, as you wish. Nobody has made money on it at all, yet. Perhaps it is just something someone would buy for the feelz. I think what the author says at the end is true: In the end, it is the market that determines what something is worth, so there is no need to worry about the tackiness or anything else. BTC maximalists can complain as much as they want but they don’t have to buy any if they don’t want them.