$Trump: The Rise and Fall of Donald Trump's Meme Cryptocurrency

by A1

3 hours ago

$Trump cryptocurrency, associated with Donald Trump, garnered significant attention by accumulating nearly $100 million in trading fees in under two weeks.

Rapid Growth of $Trump

Launched on January 17, the cryptocurrency saw its market value skyrocket to $14.5 billion before declining by two-thirds. While large investors benefited significantly, smaller traders faced losses.

Structure and Ownership

The cryptocurrency was issued on the Meteora platform, enabling creation and trading of meme coins. Despite being named as owners, companies Fight Fight Fight and CIC Digital have opaque ownership structures tied to Delaware LLCs.

Ethical and Regulatory Concerns

Donald Trump's financial involvement has raised concerns about conflict of interest, given his potential influence over cryptocurrency regulations.

There’s an ethical concern that, in effect, he has the power to regulate his own business.Richard Briffault, a law professor at Columbia University

Despite its initial success, $Trump faces scrutiny over transparency and regulatory influences. Its future remains uncertain.

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