Eric Trump Calls TRUMP Memecoin “The Hottest Digital Meme on Earth” Amid Criticism
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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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I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth and I truly believe that @WorldLibertyFi will revolutionize DeFi/Cefi and will be the future of finance. We are just getting started! 🚀🚀 https://t.co/YzdxoCWrKV
— Eric Trump (@EricTrump) January 18, 2025
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.
It took #Bitcoin four years to reach a $5 billion market cap. $TRUMP coin did it in one day. Let's create a strategic reserve, then require all IRAs to have a 10% allocation to qualify and impose 100% tariffs on nations that fail to allocate 10% of their forex reserves to $TRUMP.
— Peter Schiff (@PeterSchiff) January 18, 2025
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.
The Trump meme coin stuff is bad for the industry. Don’t delude yourself. It’s Idi Amin level corruption.
— Anthony Scaramucci (@Scaramucci) January 18, 2025
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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