The crypto community criticized President Donald Trump and First Lady Melania Trump after the launch of “meme coins” in the lead-up to Trump’s second inauguration.
“Meme coins," also referred to as “shit coins," are a class of cryptocurrencies that include Dogecoin and Fartcoin. They are highly volatile assets, often resulting in losses for investors.
The meme coins, $TRUMP and $MELANIA, were announced in social media posts on X a few days prior to the inauguration.
By creating a meme coin cryptocurrency that investors could easily lose money from, critics argue Trump is fueling the fires of crypto hate, with some accusing the currency of being fraudulent and risky for consumers.
The cryptocurrency experienced significant volatility in the days since it launched. While both coins amassed billions in value, they lost 20% as the inauguration ceremony began
One user lambasted the President’s involvement in crypto, saying, “$TRUMP Coin should be illegal. Period. Like What The Fuck. A President doing this is SO WRONG.”
Another user appeared to poke fun at those who had invested by jokingly stating that he had lost his life savings of "$37.28."
"I just lost every last dollar I had ($37.28) buying the Trump and Melania crypto coins," they wrote. "I’m literally shaking and throwing up right now."
Others, however, regret failing to invest in the currency sooner, wishing they had got the better of the currency’s volatility.
Lamenting their failure to invest in the currency during its height, one user wrote, “Me seeing a crypto guy making $310K from $800 in 15mins with Trump coin while I wake up at 6 am to go to work.”
Crypto industry heavyweights have also discussed their concerns over the meme coins produced by the sitting President.
In posts on X, Nic Carter, founding partner at the crypto investment firm Castle Island Ventures, warned that Trump creating personal meme coins “opens the door to secretive foreign buyers trying to curry influence with our leaders.”
Carter also warned of conflicts of interest related to a President investing so explicitly in cryptocurrency, adding to cryptocurrency skepticism.
Others in the community also expressed concerns over Trump’s crypto policies.
One crypto enthusiast wrote on X, “Trump dropping his own memecoin means he has the wrong people in his ear re crypto policy. I’m now getting very concerned about the Trump presidency.”
While the Trump and Melania meme coins have their dissenters, others are keenly awaiting currencies from other members of the family, with eyes looking towards Baron Trump.
While some are speculating over a $Baron token currently circulating, others are eagerly awaiting the next meme coin of the Trump presidency.
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The post ‘A President doing this is SO WRONG’: Backlash Erupts Over Trump and Melania’s Meme Coins appeared first on The Daily Dot.
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