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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113884444948905775">Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 25-Jan-2025 02:12:07 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113884439021789693" rel="in-reply-to">in reply to</a></div></section><article><p>Trump’s memecoin did not exactly receive a warm welcome from much of the crypto world, who were horrified that their crypto president would tarnish the industry’s sterling reputation by doing a blatant cashgrab.</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a> <a href="https://hachyderm.io/tags/USpolitics" rel="tag">#USpolitics</a> <a href="https://hachyderm.io/tags/USpol" rel="tag">#USpol</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4440668#notice-8688833">In conversation</a><time datetime="2025-01-25T02:12:07+09:00" title="Saturday, 25-Jan-2025 02:12:07 JST">about 4 months ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113884444948905775" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113884444948905775">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004502">As some of Trump’s most devoted supporters from the crypto world were clinking champagne flutes at the industry-funded black-tie “Crypto Ball”, Trump was elsewhere, launching his own $TRUMP memecoin.b There had been no signal that this was coming, and it took the crypto world by surprise. Some, myself included, wondered if Trump’s Twitter was the latest casualty of a years-long slew of incidents in which high-profile Twitter accounts are compromised and used to shill fake crypto projects [W3IGG].We had reason to be suspicious: the token was launched without any of the usual teasers and other crowdwork typical of Trump’s other crypto ventures. The wallet used to create the token was funded with deposits from Binance and Gate.io, two crypto exchanges that are not supposed to be available to US traders (and a particularly odd choice for a president demanding that crypto be “made in the USA”). His wealthy backers at exchanges like Coinbase and Kraken appeared to be as surprised as everyone else, and it took them several days to list the token — losing them substantial trading volume compared to if they had been in on the plan from the getgo.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/441/032/091/835/original/f2793aaa8f712f3b.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/441/032/091/835/original/f2793aaa8f712f3b.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004503">
Nevertheless, $TRUMP turned out to be the genuine article [W3IGG], and so was the $MELANIA token that followed shortly after. Whoever launched the $MELANIA token perhaps thought they could replicate the successful $TRUMP cash-grab by simply doing the same thing all over again, not realizing that launching a second closely-linked token would directly compete with the first. Indeed, $TRUMP prices tanked 58% upon the $MELANIA launch [W3IGG]. The prices of both tokens have dwindled since, as memecoin prices often do. However, it seems to have succeeded in convincing even more people to get into crypto: an app called “Moonshot” briefly rose to the top of the app store rankings for free finance apps as Trump partnered with the platform to allow people to purchase his $TRUMP tokens using a debit card, Apple Pay, or Venmo.1 Moonshot’s Twitter account is full of celebratory tweets and retweets about onboarding more non-crypto users, with one tweet reading “Boomers have onboarded”,2 and a retweet of a person writing “my entire family including my 80 year old grandma is on” the app.3While the crypto world has been loudly all in for Trump, his memecoin stunt was a bridge too far for some. Crypto venture capitalist and enthusiastic Trump supporter Nic Carter, who was attending the ball when the token was launched, told Politico, “It’s absolutely preposterous that he would do this ... They’re plumbing new depths of idiocy with the memecoin launch.”4</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/441/039/204/787/original/edbc953bade627e5.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/441/039/204/787/original/edbc953bade627e5.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/4004504">Even crypto-friendly Congressman Ro Khanna (D-PA) joined in, writing “Elected officials must be barred from having meme coins by law.”7 Senator Elizabeth Warren (D-MA) and Representative Jake Auchincloss (D-MA) have written an Angry Letter asking multiple government agencies how they intend to address “the unprecedented concerns posed by the launch of the $Trump and $Melania meme coins, including the threats from consumer ripoffs, corruption and foreign influence, and President Trump’s conflicts of interest.”8 They note that “As President, Mr. Trump is responsible for nominating the leaders that will enforce our laws against crypto companies ... This creates an unavoidable conflict of interest, as he will be in a position to both benefit directly from the sale of the tokens while also setting the policy on how these markets are regulated.” While a letter of this sort is no surprise from staunchly anti-crypto Warren, Auchincloss has been a longtime vocal supporter of crypto.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/884/444/245/913/585/original/92ffb4f65701b686.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/884/444/245/913/585/original/92ffb4f65701b686.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Saturday, 25-Jan-2025 02:12:07 JST Molly White
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Trump’s memecoin did not exactly receive a warm welcome from much of the crypto world, who were horrified that their crypto president would tarnish the industry’s sterling reputation by doing a blatant cashgrab.
#crypto #cryptocurrency #USpolitics #USpol
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