Trump’s new memecoin launch sparks concern among investors and industry insiders in Washington
Washington: So, Trump just dropped a new memecoin, and it’s causing quite a stir. People in the crypto world are not too happy about it. They’re worried this move could give critics more reasons to bash the industry.
Some folks think it’s a bad idea, especially since memecoins are known for being super risky. Nic Carter, a crypto investor and Trump supporter, called the launch “preposterous.” He’s worried it’ll make the whole crypto scene look worse.
With Trump’s inauguration coming up, this launch feels like a gamble. If the coin flops, it could hurt both Trump and the crypto industry. Plus, it’s a bit shady since Trump’s company owns a big chunk of the coin.
One lobbyist said it’s a “horrible look” for an industry trying to prove it’s not full of scammers. Democrats are already jumping on this, saying Trump is just looking to profit at the expense of his supporters.
But even with all the fuss, many believe this won’t stop the crypto sector from making gains. Republicans are eager to push through new laws that could help legitimize crypto, regardless of Trump’s memecoin.
Trump’s team hasn’t commented yet, but his son Eric is all in, promoting the coin on social media. The memecoin has already gained traction, climbing in value and getting listed on major exchanges.
Interestingly, Melania Trump also announced her own token, which didn’t do so well right after. Memecoins like Dogecoin have been around for a while, often driven by hype and celebrity endorsements.
However, many of these coins can crash hard. The SEC has been cracking down on some crypto players, but memecoins have mostly flown under the radar. Experts are questioning the long-term viability of these tokens.
Will Trump’s memecoin stick around? Some think it might, thanks to his influence. But at the end of the day, there’s no solid backing for it. It could end up causing a lot of pain for investors, but somehow, Trump always seems to come out unscathed.
