{"id":9023,"date":"2025-01-22T08:48:29","date_gmt":"2025-01-22T08:48:29","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=9023"},"modified":"2025-01-22T08:48:29","modified_gmt":"2025-01-22T08:48:29","slug":"trump-downplays-meme-coin-profits-in-first-statement-after-launch","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=9023","title":{"rendered":"Trump Downplays Meme Coin Profits in First Statement After Launch"},"content":{"rendered":"
\n

The U.S. President has finally addressed the explosive success of his Official Trump (TRUMP) meme coin, admitting that he wasn\u2019t involved much in the project beyond launching it.<\/p>\n

The Solana-based token, touted as the fastest-growing meme coin in history, initially skyrocketed to a $15 billion market cap over the weekend before dropping to around $8 billion following the release of a competing coin by First Lady Melania Trump.<\/p>\n

\u201cI Don\u2019t Know Much About It\u201d<\/h2>\n

At a press\u00a0briefing<\/a> on Tuesday to announce a $500 billion joint venture between OpenAI, Oracle, and SoftBank, the President was asked by a reporter if he intended to continue selling products that benefited him in reference to the TRUMP token.<\/p>\n

In response, the head of state said he didn\u2019t know if he\u2019d benefited, admitting that he had no knowledge about the status of the coin. \u201cI don\u2019t know if it benefited [me]. I don\u2019t know where it is,\u201d he said.<\/p>\n

He further dismissed any suggestion that he had a deep understanding of the project. \u201cI don\u2019t know much about it other than I launched it,\u201d he stated. \u201cI heard it was very successful. I haven\u2019t checked.\u201d<\/p>\n

Trump then inquired about the current value of the meme coin, with a reporter telling him he\u2019d made a lot of money. \u201cHow much?\u201d the President asked. \u201cSeveral billion dollars,\u201d the journalist replied, to which Trump responded, \u201cThat\u2019s peanuts to these guys,\u201d referring to people who were at the briefing with him, including Masayoshi Son of SoftBank, OpenAI\u2019s Sam Altman, and the world\u2019s fourth-richest man, Larry Ellison of Oracle.<\/p>\n

Divisive Impact on the Crypto Space<\/h2>\n

The TRUMP meme coin has become a lightning rod for controversy, with critics warning it could undermine the credibility of the crypto market. Yesterday, billionaire investor Mark Cuban dismissed<\/a> the project, describing it as a gamble that could harm the industry\u2019s legitimacy without proper regulations. Before him, former Coinbase CTO Balaji Srinivasan highlighted<\/a> the speculative nature of such assets, calling it a \u201czero-sum lottery.\u201d<\/p>\n

There is also a supposition that the ownership of the TRUMP token is dominated by insiders, further fueling concerns about transparency and market manipulation. Some also feel that the President having skin in the meme coin game could hinder bipartisan efforts to advance much-needed crypto legislation.<\/p>\n

This view is shared by TD Cowen, with The Block reporting<\/a> that the financial services firm had warned that possible investigations into TRUMP\u2019s market influence might stall regulatory progress and deepen partisan divides.<\/p>\n

At the time of writing, Official Trump was trading at $43.02, having gained 18% in the last 24 hours. The price is still 41% below the coin\u2019s all-time high, but its $8.5 billion market cap places it as the third-largest meme token in the market, behind Dogecoin and Shiba Inu.<\/p>\n

The post Trump Downplays Meme Coin Profits in First Statement After Launch<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. President has finally addressed the explosive success of his Official Trump (TRUMP) meme coin, admitting that he wasn\u2019t involved much in the project beyond launching it. The Solana-based token, touted as the fastest-growing meme coin in history, initially skyrocketed to a $15 billion market cap over the weekend before dropping to around $8 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-9023","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9023"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/9023\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}