Trump described the new financial product as “WINNING!” One critic described it as “Idi Amin level corruption.”Charly Triballeau/AP
On Friday night, just days before his inauguration, President-elect Donald Trump took to X to celebrate…the launch of his new meme coin. “It’s time to celebrate everything we stand for,” he wrote, “WINNING!” It’s a move that, at least on paper, seemed to inflate Trump’s personal wealth by billions ahead of ushering in the most crypto-friendly administration in history.
With this launch, Trump joins the ranks of celebrities like Iggy Azalea, Caitlyn Jenner, and more recently, Haliey Welch, better known as the “Hawk Tuah” girl, all of whom have launched their own meme coins in the last year. Wired describes these currencies as “type of cryptocurrency that generally has no utility beyond financial speculation.”
Trump’s coin has recently reached a market capitalization of $5.2 billion and a fully diluted valuation of $26 billion, referring to the theoretical value if all possible coins were in circulation. Trump’s new pal Elon Musk is known for being a big proponent of one of the most famous meme coins, the dogecoin, named for the same meme that inspired his newly created Department of Government Efficiency.
“It is literally cashing in on the presidency.”
Though the website for the coin states that it “is not political and has nothing to do with any political campaign or any political office or governmental agency,” some critics argue that there are serious ethical concerns. “Unlike traditional Trump-branded ventures, cryptocurrency’s pseudonymous nature means anyone globally can invest without identity checks, potentially creating concerns about undue influence on a sitting president,” Boaz Sobrado, a fintech analyst, wrote in Forbes. Adav Noti, the executive director of Campaign Legal Center, noted in the New York Times that, “it is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president’s family in connection with his office.”
“We now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate,” Jordan Libowitz, vice president for communications at the nonprofit Citizens for Responsibility and Ethics in Washington, told Politico.
Trump’s own former spokesperson, now a staunch critic, Anthony Scaramucci posted that $TRUMP is “Idi Amin level corruption,” and “mocks the industry we are working so hard to build.”
The meme coin is just the latest in a bizarre line of grifty, super-weird takes on “merch.” Last February, Trump showed off gold “Never Surrender High-Tops” for $399 at Sneaker Con, which had Fox News applauding his appeal to Black voters. In March, he began endorsing the $59.99 “God Bless the USA Bible,” which includes the Constitution, the Bill of Rights, and handwritten lyrics to the chorus of Lee Greenwood’s “God Bless the USA.” (Trump’s inaugural committee has confirmed that he will not be using one of these Bibles to swear the presidential oath of office on Monday.) In August, Trump released a new round of his “baseball card” NFTs. “These cards show me dancing and even holding some Bitcoins,” Trump explained in a video on Truth Social. Maybe in the next round, he’ll be holding his own meme coins.
