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Trumps destroys crypto division
(MENAFN) US President-elect Donald Trump and his wife Melania have faced backlash from cryptocurrency industry leaders following the launch of their own meme coins over the weekend, which have experienced significant price volatility. Industry experts expressed concerns that the coins could damage global confidence in the digital asset market.
Trump debuted his $TRUMP coin on Friday, just days before his inauguration, with its value surging from $10 to $72 before dropping back to $64. Melania Trump followed suit with the release of $MELANIA, which similarly spiked in value but caused a drop in $TRUMP’s price, plummeting from over $75 to the low $40s.
Veteran crypto investors have voiced disappointment, with Rob Hadick of Dragonfly Capital describing the launches as a setback for the industry. Gabor Gurbacs from VanEck criticized Trump’s approach and urged him to replace his crypto advisors with more knowledgeable individuals.
Meme coins like $TRUMP, $MELANIA, and DOGE are notorious for their volatility and lack of inherent value, relying on social media buzz for value. Although Trump has previously dismissed cryptocurrency, he has recently pledged to make the US the “crypto capital of the planet.” However, there are no laws preventing a president from launching digital assets.
Trump debuted his $TRUMP coin on Friday, just days before his inauguration, with its value surging from $10 to $72 before dropping back to $64. Melania Trump followed suit with the release of $MELANIA, which similarly spiked in value but caused a drop in $TRUMP’s price, plummeting from over $75 to the low $40s.
Veteran crypto investors have voiced disappointment, with Rob Hadick of Dragonfly Capital describing the launches as a setback for the industry. Gabor Gurbacs from VanEck criticized Trump’s approach and urged him to replace his crypto advisors with more knowledgeable individuals.
Meme coins like $TRUMP, $MELANIA, and DOGE are notorious for their volatility and lack of inherent value, relying on social media buzz for value. Although Trump has previously dismissed cryptocurrency, he has recently pledged to make the US the “crypto capital of the planet.” However, there are no laws preventing a president from launching digital assets.
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