President-elect Trump’s new cryptocurrency, “$TRUMP,” has rapidly increased in value, potentially making him one of the world’s richest individuals. The token, marketed through the Trump Organization affiliate CIC Digital LLC, launched at $10 and quickly reached $70, with the Trump Organization retaining 80% ownership. Despite disclaimers stating the token is non-political, concerns exist regarding ethical conflicts of interest given its connection to Trump’s presidency and the potential for leveraging his office for personal profit. The rapid increase in value and Trump’s prior pro-crypto campaign rhetoric raise significant questions about the propriety of this venture.
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Donald Trump’s new “$TRUMP” meme coin, launched Friday, has seen a dramatic price surge, reaching $26.95 from $0.18, with a market cap exceeding $5 billion. Former aide Anthony Scaramucci condemned the venture as “corruption,” echoing concerns about Trump’s continued use of his image to sell merchandise. Critics cite this as another example of Trump leveraging his position for personal profit, particularly during his presidential campaign. The coin’s rapid growth and the controversy surrounding it highlight the volatile nature of meme coins and raise ethical questions regarding the actions of a president-elect.
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Hailey Welch’s newly launched $HAWK meme coin, based on her “Hawk Tuah” meme, experienced a dramatic rise and fall in value, plummeting from a $500 million market cap to $60 million within minutes. This sharp decline has been attributed to a “rug pull,” where insiders allegedly sold off large holdings, devaluing the coin for other investors. The incident sparked considerable online backlash, with some blaming Welch and others criticizing investors for their choices. Welch denies involvement in the coin’s management, stating its purpose was to connect with fans and combat unauthorized coins using her likeness.
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John Q. Hosedrinker