President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
Fools always find their kind
This is so fucking stupid. Everything. I feel like we’re living in a fucking clown show.
Can’t decide if I’m annoyed that this poorly-disguised influence scheme will go unpunished, or if thrilled that many very deserving people will be separated from their money.
Why would you be happy about their money going to even less deserving people?..
The amazing real circus
Think of it this way I can’t bribe Trump but if I bought 20% of this shitcoin I might be able to get his ear.
Trump launches
meme coinmoney laundering scheme, apparentlymakeslaunders more than $25 billion overnightFtfy
Bingo, the CCP can’t bribe Trump directly but they can buy a ton of crypto.
All the wrong people got money.
QE was a method of upward distribution of wealth.
What is QE?
Quantative Easing
It’s easy to think that crypto is over. The NFT bubble is so deflated. We’ve seen big companies like FTX bomb the hell out. I mean, the signs are obvious now, aren’t they? Crypto was, conclusively, proven to be the scam everyone said it would be and we don’t need any more proof, right?
And then we hear Trump administration is really into this crypto nonsense.
Somehow.
Guess they didn’t get the memo.
Brace yourself for 4 years of spectacular, glorious fail.
And if someone says stuff like “oh, Trump just got filthy rich off of the meme coin he launched yesterday”, let’s wait and see how the coin does at the end of his administration.
Or in 6 months
I hope everyone is acutely aware that you, me, WE are not in a class war.
WE HAVE LOST A CLASS WAR.
What happens now?
lol crypto is worth jack shit. I can just keep sending the same money to myself and it would cause the price to go up…
This isn’t your everyday crypto scheme.
This is foreign bribes being laundered.
That’s not how markets work…
While I agree with the sentiment here, the market cap of the coin is currently at 7.6B according to https://coinmarketcap.com/currencies/official-trump/
Anyone know why there’s such a big discrepancy here? Maybe I’m misread?
Circulating vs total supply?
That’s how they got the number but it’s a big mistake to use total supply. Also it’s not because the market cap is 12G that Trump received 12G. It’s probably much much lower. He must have made only 50 to 100M in fees, if any. And the price he sold the coins at was much much lower than today
Holy shit, inb4 he pumps and dumps and avoids jail cause of presidential immunity
He might rename USA to Trumpistan 🤣
Holy fuck, the grift is so blatant that I’m almost beginning to respect it.
Trump holds 80% of the supply. This is going to be the biggest rug pull of all time. Americans are literally getting shitcoin scammed by their own presidents holy shit what a timeline.
Honestly, it’s kinda impressive that this scheme still works in 2025. How low can people go, I wonder.
This is money from foreign governments and corporations buying influence. It has nothing to do with “Americans”.
America will have a law about this probably by 2070, after many more generations of Americans lose money to those scams and the legislative finally has people who understand technology to write laws about this
America for sale. You hear that Republicans? You just got sold out.
I doubt they can hear much of anything with their heads lodged that far up Trump’s ascending colon.
Dear god, please let donald trump choke on a piece of potato and die. Amen 🙏
Crypto market cap does not equate the equivalent in dollars. When you create a new cryptocoin you can freely adjust the coin’s parameters such as the amount of available coins. So let’s say you “print” 1000 coins and sell one at $50. You now have a market cap of $50000.
It’s like pulling a rabbit out of a hat, with the notable distinction that the rabbit isn’t real. What makes it real is if enough suckers actually buy the coins with real dollars.
I wish more people understood this. Especially in the press, since its their job to educate everyone else.
Trading volume is what matters, not trading price. It’s only worth $25 billion if you can turn $25 billion of it into cash.
Unfortunately since banks still haven’t take wised up to this, and the wildcat crypto banks really haven’t, its likely still possible to pump a meme coin and then take out loans against the purported asset value. The bank is then left trying to repossess a pile of worthless memecoin when you fail to repay the loan.
I’d like to add that trade volume is only a slightly better indicator, because wash trading is very easy in crypto. Wash trading happens when the coin’s owner and/or an accomplice buy and sell coins back and forth among themselves. It’s easy to do if you have control over a huge amount of coins, because you printed them yourself at the low low price of $0. This has two effects: the trade volume grows, which makes it look like there is public interest in the coin, and you can pump up the price at the same time.
Very true.
I suppose I should have said “Fiat dollar trading volumes” although that’s an oversimplification. The question you’re really trying to answer is “How much actual demand is there for this invented commodity?”
The answer is, inevitably, not nearly enough. When 80% of the available supply of something is locked up in a vault somewhere, there’s absolutely no way that 80% could be liquidated without crashing whatever market exists.
Thats not a problem with cryptocurrency in general. Its only an issue with the subset of coins that premine, which is a scam.
