The coin did not exist a week ago, has no intrinsic value, and cannot be used for anything. It has no underlying physical assets and its theoretical value would disappear in the blink of an eye.
Meme coins, a type of digital asset, are not new. There are more than 3,700 of them, according to CoinMarketCap – with funny names that reflect the fact that they are traditionally considered a joke. Some of the best performing even coins include HarryPotterObamaSonic10Inu, Cat Girl, Jesus Coin, Pooh, Doge Eat Doge and Elon.
Mr Trump’s token art features an illustration of the new US president with his prime in the air – a reference to his response following an assassination attempt at a campaign rally last year.
“Trump memes are intended to function as an expression of support and commitment to the ideals and beliefs embodied in the $TRUMP symbol and associated artwork, and are not intended to be, or intended to be, the subject of an investment opportunity. , investment contract or guarantee of any type,” says in small print on the project’s website.
But major crypto exchanges have announced plans to list $Trump tokens.
Trump was once a crypto skeptic, but has transformed into a massive supporter, declaring his goal of making the United States dominant in the crypto space. During his first term, he derided Bitcoin and its peers as “no money,” “based on nothing” and something that “can facilitate illegal behavior, including drug and money trafficking.” other illegal activities,” and even called it a “scam” after he left office.
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That was until Trump discovered the possibility of making money through crypto.
The turning point reportedly came when Trump began selling non-fungible tokens (another type of digital asset) posing as a superhero in December 2022, a month after declaring his intention to run for president again . He raised $8.9 million, which apparently proved to him that crypto could be beneficial.
The Trump family’s coin blitz comes after David Sacks, named crypto and artificial intelligence czar by Trump, declared a new era of crypto innovation in the United States.
“The reign of terror against crypto is over and the beginning of innovation in America for crypto has just begun,” Sacks said, speaking Friday at the so-called crypto ball event, intended to drum up support to Trump within the crypto community and demonstrate its value to the new administration.
The reign of terror for the industry may be over, but for $Trump investors, the path to riches could become rocky when an additional billion $Trump tokens are released over the next three years .
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