United States President Donald Trump and his wife, Melania, faced criticism after launching two back-to-back memecoins.
The controversy began when Trump’s Official Trump (TRUMP) token soared to a $15 billion market cap after its release.
However, TRUMP’s value dropped by 38% following the launch of MELANIA, Melania Trump’s memecoin, which peaked at over $13 billion before losing nearly half its value.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
5 Best Crypto Portfolio Diversification Strategies (Animated Explanation)
Edward Dowd, founder of Phinance Technologies, called the situation “unbelievable”, describing it as a major misstep right before Trump’s inauguration.
This prompted accusations that the Trump family prioritized profit over ethical behavior, with some even calling it a “pump and dump scheme”.
Jim Bianco, president of Bianco Research, commented on the situation, stating:
You were right if you thought the smashing success of TRUMP would make Trump greedy.
He argued that the release of MELANIA after TRUMP seemed like an attempt to cash in further, which led to market concerns about oversupply and future token releases.
José Maria Macedo, co-founder of Delphi Labs, noted that those involved in the TRUMP memecoin underestimated its initial success.
“They rushed to run it back with MELANIA and make sure they filled their bags this time,” he said in a post on X, adding that this strategy wiped out the value and damaged the perception of both memecoins.
Meanwhile, a Washington pastor recently faced fraud charges for a $6 million crypto scheme. How did the case go? Read the full story.
