Bitcoin fans were hoping for something other than a clown show of meme coins. 
Crypto Fans Thought Trump Would Bring Legitimacy
The Wall Street Journal reports Crypto Thought Trump Would Bring It Legitimacy. Then He Launched a Meme Coin.
The crypto industry eagerly awaited Donald Trump’s return to the White House. Now, it’s reeling after the president and first lady launched a pair of meme coins.
Dubbed $TRUMP and $MELANIA, the tokens have no economic purpose—their value is largely based on the popularity of internet memes. The market cap of the president’s coin has soared to $7.8 billion since Friday night’s launch, while the first lady’s token is worth about $800 million, according to CoinMarketCap.
By selling coins known for their speculative nature and extreme volatility, the president has undermined the credibility that the industry has worked hard to build in recent years, some crypto executives and investors say.
They also point to the brazen conflict of interest: Trump benefits directly from the sale of the tokens while setting the policy that affects how markets are valued and regulated.
Even the most ardent Trump supporters reached a breaking point when the $MELANIA token launched less than 48 hours after the rollout of her husband’s coin.
Ryan Selkis, the former chief executive of crypto research firm Messari and a vocal supporter of Trump, urged the president to fire the adviser who recommended going forward with the launch of the second coin.
“1. They don’t know what they’re doing. 2. They cost you a lot of $ and goodwill. 3. They don’t have your interests in mind,” said Selkis in a social-media post shortly after the $MELANIA token launch.
Some crypto enthusiasts questioned if the coins were a scam and if Trump’s accounts had been hacked. The mechanisms on the token reminded some of a rug pull, crypto parlance for a project that is launched and quickly abandoned, leaving investors with steep losses.
One point of criticism: 80% of the $TRUMP token’s supply is owned by Fight Fight Fight and CIC Digital, an affiliate of the Trump Organization, according to the website associated with the token. The terms and conditions of both $TRUMP and $MELANIA bar buyers from joining class-action lawsuits against the project and indemnify the project against any claims.
In launching the tokens, Trump has waded into a longstanding divide in the world of crypto: staid technology enthusiasts who see crypto as a means of financial inclusion and innovation versus speculative investors who see it as a means to monetize brands, memes and ideas.
The backlash over the Trump meme coins reached beyond the crypto industry. Michael Gayed, a portfolio manager and market analyst who publishes the Lead-Lag Report, posted criticism of the coin on X that drew support within the crypto community.
“There’s a general level of disgust,” said Gayed. “I do believe this puts into question some of Trump’s credibility when we have a president-elect enrich himself just before inauguration and make a mockery of an entire ecosystem.
“To me, it’s a glaringly obvious top signal,” said Quinn Thompson, founder of crypto hedge fund Lekker Capital. “Everyone’s extremely exuberant with high animal spirits.”
Down 50% Since Weekend Peak
Forbes reports Trump and Melania Meme Coins Down 50% Since Weekend Peak
Trump announced the launch of his meme coin in a Truth Social post on Friday night, saying: “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” The token’s price surged overnight and had more than tripled by Saturday morning before hitting an all-time high of $75 on Sunday. The coin’s website says 200 million tokens were made available at launch and overall supply will slowly grow to a billion tokens over the next three years. The unreleased 800 million tokens are currently being held by Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC—which was incorporated in Delaware on January 7.
The first lady announced the launch of her coin on Sunday afternoon. The $MELANIA meme coin was being distributed by MKT World, a Florida company incorporated by Melania Trump in 2021. According to the coin’s website, the first lady’s team has reserved 35% of the token’s supply—which will remain locked for the first 30 days. Like the $TRUMP coin website, the $MELANIA purchase page also includes a disclaimer stating the tokens are “digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. and the associated artwork.” The note then adds that the meme coins are not intended to be “an investment opportunity, investment contract, or security of any type.”
Price Action
- The OFFICIAL TRUMP token or $TRUMP, fell to $37.85 on Tuesday morning—down around 50% from Sunday’s peak of around $75.
- The selloff has slashed $TRUMP to $7.56 billion—down from more than $15 billion on Sunday—although it remains the 25th most valuable crypto token in the market.
- The price of the first lady’s “Official Melania Meme” or $MELANIA token stood at $4.31 on Tuesday—down nearly 70% from its peak of $13.70 on Monday.
- The $MELANIA meme coin’s market cap has fallen below $900 million, a steep drop from the $2 billion mark it breached on Monday—hours after its launch.
The maximum supply of Bitcoin is 21 million. The maximum supply of $Trump is 1 billion, of which 800 million is held by a Trump organization affiliate.
I have no idea if this is a top, nor does anyone else. But I do know a conflict of interest, sheetshow when I see one.
Disgust is not the right word. This is a sheetshow * two.
“I do believe this puts into question some of Trump’s credibility when we have a president-elect enrich himself just before inauguration and make a mockery of an entire ecosystem.”
Trump’s credibility. LOL! He perfectly represents the people who voted for him.
Get off your high horse, with disgust. If some ppl want the meme coins , SO WHAT?!
It’s a souvenir! WHO CARES?
“There’s a general level of disgust,” said Gayed. “I do believe this puts into question some of Trump’s credibility when we have a president-elect enrich himself just before inauguration and make a mockery of an entire ecosystem.
Actually …. the entire ecosystem of crypto is a fucking joke… and this – along with FART coin – exposes it as such
Bitcoin is a perfect currency, exactly as designed. And it’s legitimately a new asset class.
QED.!
Can you explain to me how it is a perfect currency?
Please also explain how it is different from tulips as an asset class
Use your own words….
And btw – would you like me to explain how it is the biggest scam/bubble in the history of the world?
At least we know he’s making his money from crypto instead of China/Russia/Ukraine/etc
America’s grifter-in-chief !!!
Let’s see, runaway Federal Reserve governors, a Treasury secretary’s Green New Deal, Bankman-Fried’s FTX trading scam, the Hawk Tuah gal’s crypto offering, the Bitcoin millennialist army and now Trump and Melania tokens? Only the first two has the power that can and will destroy a national economy as Bidenflation did around here. The rest is just so much static noise though at least the gal seems like a fun date.
It’s all fake — all distraction
NO, it’s a constriction of construction via induction with diction for a contraction of fiction factually frazzled with fantasy fabling furiously.
LOL B$15 for meme coins.
Do I smell a speculative bubble time period?
If everything runs on AI, maybe they can power the data centers with electricity meme coins?
Yeah, Agreed Trump cheapened his brand. Not a big deal to me. I like capitalists and he’s got the right to do it. I wouldn’t have purchased it anyway although I did buy one of those coffee mugs with his mug shot, one black maga hat, and I once hung a “trump won” flag from a lighted 3rd floor office building that was being torn down just to aggravate the woke people of Illinois when he was being persecuted with the lawfare. You could see it for a mile! I think he delegitimized bitcoin of which I do presently own a little of the etf variety riding the wave. Not more than I can afford to lose, but I am an opportunist and not ashamed of it.
This is much ado about nothing. Everyone knows that meme coins have no use case (other than the entertainment value), and the people who issue them are not promising anything. They are pure speculative gambling tokens — and that is exactly the reason a certain subset of the population loves them. People buy and trade them for fun. When Trump announced his meme coin, his message was “Have fun!”
And make me rich with your money!
Oh, MAN, at the Trump store I had the choice of the coin or watch and I bought the TRUMP WATCH instead…I am SOOOO STOOPID. 😉
Better than the fartcoin?
Are the crypto guys happy with that one?
Waiting for the MFcoin!
“You Are The Exit Liquidity.”
Pussy Coin
Snatch Coin
Porn Coin
Shit Coin
Fuck Coin
Whore Coin
Slut Coin
Bitch Coin
Dick Coin
Herpes Coin
VC Coin
Arsehole Coin
Which one should I put money into????
Bitcoin, obviously.
Trump just lost most of the crypto crowd. Of course, no cryptos really matter except for Bitcoin.
Ya and Bitcoin is just as useless as FARTcoin
Right. Because maintaining and increasing purchasing power across 15 years is useless. Because being able to store your wealth in your head is useless. Because being able to cross borders with your wealth is useless. Do you boomers every think?
At first I was hating on Trump for this scam. But then I looked at what he has been through the last 8 years with all the lawfare, hoaxes, getting shot at. And I don’t begrudge him the money. He deserves it.
And all politicians grift….Clinton foundation? how did Obamas get worth $100m? Biden sending his son out to peddle influence?. At least Trump isn’t trying to hide his grift! It’s transparent!
Absolutely. Show him your appreciation. Buy as much of $Trump coin as you can afford. It will make you rich. And if it doesn’t, at least it went to a good cause.
US politics is corrupt to the core starting from the president at all level.
That is abuse of power.
They are making a mockery of voters hahahaha
This is a fair point. Obama was cozied up with the entertainment industry, and it is likely his biggest money maker right now besides globalist WEF public speaking engagements. But these crypto coins and NFTs have all proven repeatedly to just be digital snake oil….
For over 70 years, Trump’s been on the grift. I went to college with him. Terrible student. But this transparent swaggering sociopath thinks he’s bulletproof. He thinks the Supreme Court gave him immunity, he is president now and he thinks he can do anything. Expect even more outrageous behavior that’s much worse than his first term when he had so decent advisors. Hopefully he’ll cross the line soon and be removed and be removed. Trump and Biden have shown us abuse of the pardon power. That pardon power is too easily abused. Clinton abused it, not just Trump.
You inadvertently described the perfect antidote to all the Washington DC parasite narcissists and grifters ruining the nation. They all hate him because he’s the best at a game they think they are superior at. And he makes them look like the amateurs and frauds they actually are while still having enough authenticity and humanity to keep the grifting going for the long haul. He’s a nightmare for the political class that relies on a false veneer of credibility orchestrated by regime media and pseudo-government think tanks that provide phony credibility and consensus. He exposes all this and keeps beating impossible odds. If nothing else, you have to give Trump credit for pulling off an incredible political feat and doing it without the approval of the political class gatekeepers who always pick the winners…..
All crypto is speculation. Commodities at best.
Which Crypto is the prettiest determines its value.
A Miss America pageant 21st century style.
Back a Crypto with gold and I will be interested.
BricCoin anyone?
There are a lot of them. Here is a list of the top ten according to this website:
https://primexbt.com/for-traders/gold-backed-cryptocurrency/#:~:text=Gold%2Dbacked%20cryptocurrencies%20combine%20traditional,their%20value%20to%20physical%20gold.
I love it when Trump makes people clutch their pearls.
Egg prices are dropping already. I bought 12 Trump eggs for $1.20.
Each? Were they signed? And did they say “made in China”?
Those are exclusive “limited edition” prices in today’s trailer park trash economy!
I’m shocked I tell you, I’m shocked that President Trump would do something like this.
This is the kind of stuff that removes credibility from crypto and tells us what the president truly thinks about it.
This is primo bait! 🙂
“Bitcoin” and “credibility” do not belong in the same sentence. It’s a Ponzi scheme, but one with an unknown runway because it’s global this time and the amount of greater fools may be infinite (though I doubt that’s the case). The feature of having a limited number of coins is interesting, but if/when Bitcoin ever trruly gets in the way of old-fashioned fiat, a simple act of Congress can destroy the “value” of Bitcoin overnight.
Even outside of the US?
The limited number of coins and the “halving” certainly appear to be the gimmick that gives this digital snake oil legs, and keeps bringing in a new round of bagholders. Rapidly failing fiat currencies just increase the appeal.
What definition of “Ponzi scheme” are you working from? Is gold a ponzi scheme? Are van gogh paintings a ponzi scheme? Bitcoin has mathematically and cryptographically enforced scarcity — unlike tulip bulbs.
There was a time window when Bitcoin might have been strangled in the crib. But now that it is embraced by Wall Street, and the new administration, and the SEC, and the CFTC, and it is already the seventh largest asset in the world, what are the odds of the “simple act of Congress” you are waiting on? As they say, sooner or later everyone will own Bitcoin, and everyone will buy at the price they deserve . . .
By 2035 Bitcoin will be $1,000,000 and you guys will be here, still not understanding it.
Trump created the coin to fight the deep state. Don’t worry about Trump because he has money and can’t be corrupt. LOL LOL LOL LOL
Crypto has always been a scam. Trump’s a scam who will try to use his popularity to make money out of nothing. Hopefully this will take the entire crypto scam down. It should never have been legal. But there’s always Trump sneakers, Trump bibles, Trump guitars, Trump watches….all designed to make money off his notoriety and presidency. It’s a disgrace. He needs to be removed. He sprung all the heroes who desecrated the Capitol 4 years ago with pardons. Gulf of America….Really?
Berkeley Breathed’s original Bloom County comic strip was making fun of Trump in the mid-80s; and it was comedy gold that stands the test of time. His newer jokes didn’t fare as well. My old favorite was the “Trump Dump.”
I don’t understand why anyone is surprised.
I’m sure CNN’s crack team of “journalists” will do some Pulitzer-level, hard-hitting investigative work and get to the bottom of this!
I’m all in favor of a meme of Jeff Bezo’s fiancee and her, ah, entertaining bra thing.
Yeah, I know. But I just had to say it. I’ll leave quietly now.
The Dow Industrials crashed 90%, 1929-32. In 1987 the Dow crashed a record 22% in one day. When i think of crypto, i think of tulip bulbs. When i learned of this new coin, i read it was already up 16,000%. Here, i learned it is down 50% already, like the 2002 S&P 500.
With today’s announcement of phase one of the Stargate AI project, with the first site in Texas, we will begin to see a huge increase in demand for electricity in Texas. I will be interested to see how much of this power will be generated from natural gas. Perhaps we will also see an announcement of a new nuclear power plant to be built as well, though the project will be up and running in 2028, and a nuclear plant would take 15 years to build.
You missed out on gas turbine power plants.
https://www.energy.gov/fecm/how-gas-turbine-power-plants-work
As I said: “I will be interested to see how much of this power will be generated from natural gas.”
Perhaps some renewables with battery storage as well.
Gas turbine plant can be running within a year and small modular nuclear SMN 2-3, but still unproven. Big nuclear is probably dead.
Agree. I have said the same things many times here. Thought this might offer an opportunity to pursue big nuclear, even though it takes time.
You also missed that they built out more solar than California last year.
True, but AI data centers require 24/7 power, and a lot of it. Some of it could be provided with solar or wind, plus battery storage, but it would have to be massively overbuilt to come close to always available. So gas generation must be the main supply. Supplementing with renewables is fine, to reduce gas usage a bit. But I would be shocked if they don’t use gas. Particularly since Texas chooses not to connect to the national grid, and can’t rely on other states to help when there is an electricity shortage.
it will be onsite nuclear that they use made by small modular reactor developers
Eh, trashing the currency by printing, spawns fake coins.
Fake coins inspire the creation of meme coins.
But, but..was told printing has no consequences.
I posted a similar sentiment further up the thread before I saw your comment; good to see someone else make this connection!
What a great show! Better than I expected.
Trump will do whatever he wants without consequence. Get used to it. Because there’s nothing you can do about it. So try to take advantage of it.
And when he cuts off heavy oil imports from Venezuela, and puts a 25% tariff on oil from Mexico and Canada, get ready for a jump in gas prices.
Would like to see Trump make a separate deal directly with Danielle Smith. Trudy can stay in costume and makeup out east.
I don’t know much about Canadian governments. So I asked Google AI if the Canadian federal govt can put an export tax on Alberta oil:
Yes, the Canadian federal government can impose an export tax on provincial oil. The federal government has the authority to regulate and tax international trade, including the export of provincially-owned resources.
Explanation
I doubt that Smith is allowed to cut a deal with Trump. And even if she did, the Federal government could probably override it. Her only hope is to wait for a Conservative Federal Government in the next election. Though that doesn’t guarantee anything for Alberta. The next Conservative Federal Government could fight Trump even harder than the current government.
It would be like Michigan cutting a deal with Xi.
Taking advantage of grift has no real benefit. It earns nothing for the soul, the only thing we take with us.
Thanks for this piece. Some people think that Trump’s latest pyramid scheme will only defraud the stupid MAGA crowd. But this is more serious than running casinos where stupid people lose their money. This kind of billionaire-creating grift will undermine the trust in everything. We already have 735 billionaires making a mockery of the idea that we live in a capitalist system based on creativity and competition.
Meet the new billionaires…Same as the old billionaires….
It looks like Trump’s main goal is to have 1,000 billionaires by the end of his term. Forget about the price of eggs.
No way to stop this train wreck
RE: “…a mockery of an entire ecosystem.”
I think it is a fraudulent “ecosystem” that is worthy of all the mockery that can be tossed its way.
Yeah, the crypto crowd is a zealous bunch. You either think crypto is real, or vapor. No in-between position really seems to exist.
Lubricous – is the right word?
A fool and his money are soon parted.
I think for most of the buyers, this was a ‘Hail Mary.’ I hope they take their profits before they are taken to the cleaners.
I demand a Musk meme coin. It won’t go to the moon, it will go to Mars!!!!!
All in good time… too many rug pulls recently, the herd is skittish.
“Occupy Ones and Zeroes”
https://www.whitehouse.gov/about-the-white-house/our-government/the-constitution/
That stupid old document is a 404 not found now. Welcome to your future!
“…puts into question some of Trump’s credibility…”
What credibility actually remains?
The same day he took an oath to uphold the Constitution…
Trump attacked the 14th ammendment…
which clearly grants birthright citizenship to all.
“…a mockery of an entire ecosystem.”
More than that: Trump’s standard operating procedure is to mock everything.
The election process, the court system, news organizations, entire nations and inidividuals alike.
“There’s never been a better time to buy”
“Bear Stearns is fine!”
All these digital coins are worth nothing and are trading vehicles. They perform no economic benefit. They certainly are not a store of value. One could call them the most accurate popularity poll. People are putting $ where their mouths are.
The future will require hard asset investments but no investment in sovereign debt. This is why digital coins are working now, people see Cyber coins as a safety play against the government. They fail to realize that anything digital is a giant black swan.
The are perfect for separating fools from their money… and we have a vast army of fools!
On other note, I think launching these is a way to gauge interest in the Trump name as official currency.
Think about it for a moment. Every president leaves a legacy of some kind even if it’s just a library like Obama has. Trump wants more than a library and since he thinks of himself as the ‘greatest president’ what’s the greatest honor there is for past presidents?
1) Mount Rushmore
2) Face on the currency
#1 is definitely not possible / happening ever.
#2 was until recently not possible other than the Susan B Anthony / Sacagawea silver dollars because no way was any modern president replacing a Washington/Franklin etc on the paper bills.
But now that crypto is becoming more main stream, what if Trump wants to have his name associated with / face on the official crypto of the US government? I mean support for a ‘Fed coin’ by that name is non-existent. But what about official US Crypto currency with a name/face of Trump with 1 Trump being the base unit like a dollar is in currency? A Melania could be a partial Trump in the same way a Satoshi is a partial bitcoin. Something tells me Trump became a crypto defender because he knows this is the one way he could leave a legacy on the ‘money’ of the country that would out live him. His ego would love that.
We’ll see what he does this term, but in my opinion, if he starts repressing interest rates including mortgage rates by printing money again like last time or starts a war with a country that isnt doing wrong like Panama, he wouldn’t be worthy of any honors.
Regardless of the name of the “coin” or the sponsor of the “coin”, I have to ask what kind of fool buys something of no real value or even physical attributes and fails to realize that the risk is high and the likely reward is negative? Answer: Fools that don’t need their money. These specialty crypos are simply like a game of musical chairs and if you don’t get off before the music ends, you fall on your behind when you try to sit down (cash out).
The kind of fool that is immensely profitable.
“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”
What’s the big deal? They were launched as meme coins (or NFTs). In essence you were buying a limited editing numbered Trump (or Melania) inauguration ceremonial autograph (or button or flag or mug etc) and nothing more.
There are plenty of limited edition autographs (or similar memorabilia) sold all the time by celebrities and no one questions it.
People who think this were legitimate investments are fools who don’t understand anything about investments.
I never took Trump to be a fine arts painter, so that was a non-starter.
You’re right. Leave the painting to Hunter. His stuff is worth million$, so they say.
I think his “priceless” artwork was all incinerated in his Malibu cocaine den in the Palisades fire. Gone. Just like everyone’s investment in SBF’s schemes….
Thanks Mish – I really appreciate you discussing this. Keep up the good work!
I never thought the leopards would eat my face!
The face is just the appetizer…
I fail to see how Trump(coin) and Melania(coin) are any more or less of a fraudulent joke than Bitcoin or any of the other so-called “crypto”.
Yup. Buyer beware. It’s out in the open. It’s not government access being sold to Ukraine and China behind closed doors and then pardoning all those involved. Gulp.
I got a basement full of Trump water from 2016. It’s my retirement plan.
Me too! We should join forces and defend against the unimportant 2025 Trump water which is neither scarce nor valuable. Only 2016 counts. Wake up water bros!
Your government is now a fraudulent joke… enjoy!
P.T. Barnum said there is a sucker born every minute. Selling worthless even harmful products is legal. Food companies, fashion clothiers, and physicians do it every day.
My portfolio barbell is Fartcoin with a smattering of Melania. Can’t go wrong in these troubled times.
Should be Smelania
LMAO!
Only a genuine fool would believe Trump actually wanted to make BTC a reserve for the USA for the good of the USA. When presented with options, and the options contain “wonton self-enrichment,” someone please identify ONE TIME where Trump did the selfless thing, mail me a MAGA hat, and I’ll wear it. Only a really gullible moron would believe what Trump says.
[ED typo]
10% for the big guy
Here’s one now!