Crypto Collapse: Trump-Themed Token Wipes Out Billions in Investor Funds

Donald Trump supporters lose $12,000,000,000 after his meme coin collapses

What is put on top…

Is there nothing that we can learn from the story of Haliey “Hawk Tuah Girl” Welch? Were we not informed by Jimmy “MrBeast” Donaldson that meme coins are considered to be “icky”?

As a patriotic way to usher in this new era of cryptocurrency and artificial intelligence advancements, the idea of celebrating Donald Trump’s return to the Oval Office with a meme coin might have sounded like a patriotic way to usher in this new era.

Furthermore, with 500 people reportedly becoming millionaires overnight, it appeared as though some were destined to become pretty wealthy.

Trump himself was not the least of them, as the returning President of the United States made billions of dollars off of the value of the meme coin.

Meme currencies can be volatile, and some people have compared them to gambling.

This was demonstrated by the launch of Melania Trump’s own $MELANIA coin, which caused a significant amount of value to be removed from her husband’s coin. We have already taken precautions against this.

Recently, the Commander in Chief and his wife have been subjected to criticism, with the current value of Melania’s coin being referred to as “disgusting” just over a month after it was initially introduced to the public.

To put this into perspective, those individuals who deposited $10,000 into Melania’s coin when it was at its highest point of $13.73 during its inauguration would find that the complete amount would now be worth only $652.44.

Since it was first introduced on January 17, $TRUMP has managed to lose eighty percent of its value, and things are not looking very promising for the company.

The price of $TRUMP has experienced a dramatic decline after reaching its all-time high of $73.43 on January 19, as reported by The Telegraph.

Because of its precipitous decline from $15 billion to $2.7 billion on February 27, it is currently trading at a pitiful $11.27 at the time of this writing, and it has lost more than $12 billion thus far.

Additionally, the website asserts that the value of the coins that Trump personally possesses has been reduced by an astounding fifty billion dollars.

The substantial decline in interest in $TRUMP and $MELANIA is only one example of the larger impact that has occurred as a result of this.

It is bad news for cryptocurrency in general. In a similar fashion, Bitcoin reached an all-time high of $108,786 on the day of the inauguration on January 20, but it has now fallen to barely $79,844 since then.

This runs counter to the forecasts of some individuals, who expected that the price of a Bitcoin may surpass $200,000 per coin by the year 2025.

Concerning Donald Trump’s pledge to become the world’s first “crypto president” or the nomination of venture investor David Sacks as the White House’s very own “Crypto Tsar,” things are not looking very promising.

The President’s meme coin monopoly is currently in the sights of Representative Sam Liccardo, a freshman Democrat from California, who is expressing concern about the cryptocurrency market.

During an interview with ABC News, Liccardo detailed his desire to see laws passed that would prevent members of the White House and their family from profiting from meme coins.

The Modern Emoluments and Malfeasance Enforcement Act (MEME Act) would prohibit anybody from the President to members of Congress (and their families) from “sponsoring or endorsing a security, future, commodity, or digital asset.” This includes the President himself.

“Let’s make corruption a criminal offense once more,” Liccardo continued.

The public is the rightful owner of our public offices; the officeholders should neither use their political power for financial gain, nor should they use their power to benefit themselves.

“The Trumps’ issuance of meme coins financially exploits the public for personal gain, and raises the specter of insider trading and foreign influence over the Executive Branch.”

Considering that the interest in the Trump dynasty meme coins appears to be continuing to decrease, it is possible that Liccardo will not have much cause for concern if things remain as they are.