On inauguration weekend, Trump and Melania launched the $TRUMP and $MELANIA tokens, which lacked distinct features but surged in value due to their association with the former President. The tokens reportedly netted the Trump family over $100 million, revealing no innovation but a focus on leveraging Trump’s brand in the crypto market.
The inauguration weekend saw a surprising entry into the cryptocurrency space from none other than the former President Donald Trump and his wife, Melania. They introduced two tokens, dubbed $TRUMP and $MELANIA, that raised eyebrows for their lack of distinctive features—many are calling them meme coins or, less politely, ‘shitcoins’. Despite this, the tokens experienced a meteoric rise in value, buoyed by their association with the Trump brand, temporarily reaching a staggering market capitalisation in the billions before crashing back down as expected.
Reported estimates suggest the Trump family profited handsomely from these ventures, raking in at least $100 million through trading fees. It’s worth noting that this isn’t a groundbreaking move in the realm of cryptocurrency; there’s no innovation in technology or finance being presented. Instead, Trump’s strategy appears to have simply involved attaching his name and image to as many crypto initiatives as possible while taking a substantial ownership stake in the associated companies—essentially capitalising on his influence for profit.
