TRUMP Coin’s Biggest Critics Are Crypto Industry Insiders

Among the most vocal critics of TRUMP, the controversial and wildly popular memecoin launched by Donald Trump on the eve of his 2025 inauguration, are the very crypto enthusiasts he may have hoped to court.

The TRUMP coin, launched on Jan. 17, saw a dramatic price surge, climbing from $7 to an all-time high of $75 within 24 hours before settling at $38. Two days after TRUMP’s debut, MELANIA, a coin endorsed by First Lady Melania Trump, entered the market. Unlike its predecessor, MELANIA has struggled, starting around $7 and plummeting below $4 after a briefly peaking at $14.

While both tokens’ volatile trajectories appear to have minted some overnight millionaires, they have also drawn sharp criticism from industry insiders.

The potential for conflicts of interest has been a focal point of the backlash, with critics — including members of the U.S. congress — raising concerns that the token could enable individuals to curry favor with the president.

Anthony Scaramucci, a former White House communications director turned crypto advocate, voiced his apprehensions on X (formerly Twitter): “The most perilous aspect of Trump coin for the nation is what follows. Now, anyone globally can effectively deposit money into the bank account of the President of the United States with just a few clicks. Every favor—be it geopolitical, corporate, or personal—is now openly for sale.”

The decision to launch a memecoin has also sparked broader criticism within the crypto industry. While memecoins have become a prominent use-case for blockchain technology, many developers argue they reinforce a get-rich-quick perception that undermines the sector’s credibility.

Gabor Gurbacs, founder of digital asset firm Pointsville, posted on X: “Trump needs to dismiss his crypto advisors, from top to bottom.”

Go to Source to See Full Article
Author: Sam Kessler

Did you like this?
Tip BTC Newswire with Cryptocurrency