TRUMP Coin Faces Criticism from Crypto Industry Insiders
The launch of the TRUMP memecoin on January 17, 2025, witnessed a rapid price increase from $7 to $75 within 24 hours, before stabilizing at $38. In contrast, the MELANIA coin, endorsed by Melania Trump, debuted two days later but suffered a decline from an initial $7 to below $4 after reaching a peak of $14.
- Criticism from crypto enthusiasts and industry insiders has emerged regarding potential conflicts of interest related to TRUMP coin.
- Concerns include the ability for individuals to influence the President through financial contributions.
- Anthony Scaramucci highlighted risks associated with the coin's accessibility to global investors.
- Critics argue that the memecoin trend undermines the credibility of the crypto sector.
- 80% of TRUMP tokens are concentrated in a few addresses linked to CNC Digital, raising "pump-and-dump" scheme concerns.
- MELANIA coins show even greater insider control, with 89% held by insiders, contradicting public distribution claims.
- Previous ventures involving Trump, such as World Liberty Financial, faced backlash over pre-selling tokens without delivering value.
- Justin Sun’s large investment in WLFI raised additional conflict-of-interest questions.
Despite the controversies, there is no evidence indicating plans to "dump" the TRUMP tokens. The distribution is consistent with official outlines, unlike MELANIA's unclear allocation.