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Eric Trump Calls TRUMP Memecoin "The Hottest Digital Meme on Earth" Amid Criticism

Highlights:

  • Eric Trump called TRUMP memecoin the “hottest digital meme on earth” amid rapid rise.
  • Ethical concerns arise over TRUMP’s launch, with Trump-linked companies holding significant stakes.
  • Cardano’s Charles Hoskinson reveals 78.5% of Donald Trump’s wealth is tied to crypto investments.

Eric Trump, son of President-elect Donald Trump, praised the rapid rise of the TRUMP memecoin, referring to it as the “hottest digital meme on earth.” Launched late Friday, the token quickly gained traction, becoming a trending topic in the cryptocurrency world. Data from CoinGecko revealed that its market capitalization crossed $5 billion by Saturday afternoon, with trading volumes exceeding $11 billion. Within 24 hours of its launch, the token’s price more than doubled, reaching over $27.

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CIC Digital LLC, a company linked to Donald Trump, owns the majority of the memecoin, holding 80% of its total supply. Current market prices value this stake at approximately $20 billion. TRUMP’s trading volume has now exceeded Dogecoin’s, the leading memecoin with a $58 billion market cap. Moreover, Solana’s decentralized platforms, including Meteora and Raydium, have greatly benefited from the TRUMP token launch.

Economist and Bitcoin critic Peter Schiff commented on the $TRUMP token’s rapid growth. He noted it achieved a $5 billion market cap in just one day, a milestone Bitcoin took four years to reach. Sharing his thoughts on X, Schiff sarcastically proposed creating a strategic reserve for the token and including it in retirement accounts. His remarks sparked mixed responses, with some questioning the comparison between Bitcoin and a newly launched memecoin.

Concerns Over TRUMP Memecoin’s Rise and Trump’s Crypto Ties

The timing of the token launch, just days before Donald Trump’s presidential inauguration, has raised ethical concerns. Typically, presidents-elect distance themselves from business ventures to prevent any appearance of conflicts of interest. The direct connection between the Trump administration and cryptocurrency has attracted attention from ethics watchdogs. Anthony Scaramucci, White House communications director, stated that the TRUMP memecoin launch damages the cryptocurrency industry.

Moreover, Jordan Libowitz of Citizens for Responsibility and Ethics in Washington raised concerns. He suggested that the president-elect launching businesses while promising to deregulate industries where he could profit was problematic. Trump has also faced criticism for backing cryptocurrency-friendly policies during his campaign. These included plans to reform crypto regulations and have the federal government stockpile Bitcoin.

Hoskinson Reveals Trump’s 78.5% Net Worth Tied to Crypto Investments

In a recent post on X, Cardano co-founder Charles Hoskinson revealed that 78.5% of Donald Trump’s $29.6 billion wealth is in cryptocurrencies. He suggested that Trump’s crypto wealth might influence IRS policies, which could affect capital gains and fair market value rules for digital assets. The statement comes as Trump launches the controversial TRUMP memecoin.

Hoskinson added,

“The nice part of Trump newfound enormous crypto wealth will be changes to the IRS’s interpretation of capital gains and fair market value of crypto.”

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