Trump Downplays Meme Coin Profits in First Statement After Launch

The U.S. President has lastly addressed the explosive success of his Official Trump (TRUMP) meme coin, admitting that he wasn’t concerned a lot within the mission past launching it.

The Solana-based token, touted because the fastest-growing meme coin in historical past, initially skyrocketed to a $15 billion market cap over the weekend earlier than dropping to round $8 billion following the discharge of a competing coin by First Woman Melania Trump.

“I Don’t Know A lot About It”

At a press briefing on Tuesday to announce a $500 billion three way partnership between OpenAI, Oracle, and SoftBank, the President was requested by a reporter if he meant to proceed promoting merchandise that benefited him in reference to the TRUMP token.

In response, the pinnacle of state stated he didn’t know if he’d benefited, admitting that he had no data concerning the standing of the coin. “I don’t know if it benefited [me]. I don’t know the place it’s,” he stated.

He additional dismissed any suggestion that he had a deep understanding of the mission. “I don’t know a lot about it apart from I launched it,” he said. “I heard it was very profitable. I haven’t checked.”

Trump then inquired concerning the present worth of the meme coin, with a reporter telling him he’d made some huge cash. “How a lot?” the President requested. “A number of billion {dollars},” the journalist replied, to which Trump responded, “That’s peanuts to those guys,” referring to individuals who had been on the briefing with him, together with Masayoshi Son of SoftBank, OpenAI’s Sam Altman, and the world’s fourth-richest man, Larry Ellison of Oracle.

Divisive Influence on the Crypto House

The TRUMP meme coin has turn into a lightning rod for controversy, with critics warning it might undermine the credibility of the crypto market. Yesterday, billionaire investor Mark Cuban dismissed the mission, describing it as a raffle that might hurt the trade’s legitimacy with out correct laws. Earlier than him, former Coinbase CTO Balaji Srinivasan highlighted the speculative nature of such property, calling it a “zero-sum lottery.”

There’s additionally a supposition that the possession of the TRUMP token is dominated by insiders, additional fueling issues about transparency and market manipulation. Some additionally really feel that the President having pores and skin within the meme coin recreation might hinder bipartisan efforts to advance much-needed crypto laws.

This view is shared by TD Cowen, with The Block reporting that the monetary companies agency had warned that doable investigations into TRUMP’s market affect may stall regulatory progress and deepen partisan divides.

On the time of writing, Official Trump was buying and selling at $43.02, having gained 18% within the final 24 hours. The value continues to be 41% under the coin’s all-time excessive, however its $8.5 billion market cap locations it because the third-largest meme token out there, behind Dogecoin and Shiba Inu.