Donald Trump has stirred significant controversy in the crypto community by launching his official TRUMP meme coin on the Solana platform just two days before his inauguration. Announced on January 17 via his Truth Social account, it was stated that the token was created for him and his 'winning'.
Launch of the TRUMP Token
The announcement of the TRUMP token launch surprised many, leading to initial speculation about a possible hack. However, it soon became clear that this was an official statement, making Trump the first U.S. president to endorse a meme coin.
Ethical Concerns
Many critics, including popular YouTuber Stephen Findeisen, known as Coffeezilla, have slammed the project as 'unethical'. He raised concerns about 80% of the tokens being distributed to Trump's inner circle, which he suggests could lead to major losses for investors.
Economist Peter Schiff and former Trump aide Anthony Scaramucci also voiced their disapproval, stating that this could negatively impact the broader crypto market.
Growth and Consequences
Following its launch, the TRUMP token reached a market cap of $400 million within just 15 minutes, positively affecting the value of Solana (SOL). However, with 80% of the tokens remaining locked, there are concerns about future volatility. Analysts like JRNY Crypto express worries about the lack of information about the project and potential market manipulation.
Donald Trump's launch of the TRUMP token has sparked much debate and concerns. Despite its rapid growth and interest, ethical and financial risks continue to be a major topic of discussion in the crypto community.