The top line
Ivanka Trump said Thursday that a meme coin bearing her name is “fake” and a potential risk to investors, as others named and promoted by her father, President Donald Trump, and first lady Melania Trump. After the tokens went viral, their value dropped.
The president’s daughter said it had nothing to do with the token.
Key facts
Ivanka Trump, in one Post on X, said the “fake crypto-coin” $IVANKA was being promoted “without my consent or approval”, noting that his legal team had taken steps to prevent “the continued misuse of my name”. “Under review” of
$IVANKA appears to have launched on the Ethereum blockchain in May 2024 and has yet to reach $0.01, as the coin developer itself has reported a market cap of $345,460 with a circulation of 420.6 billion coins. According to on CoinMarketCap.
Ivanka Trump warned that “fake coins” pose risks of “defrauding consumers and defrauding them of their hard-earned money,” adding that she had “nothing to do” with the token. , using the name and simile “My Violation”. rights.”
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Surprising fact
Other apparently unauthorized tokens named after Trump family members have circulated. A meme coin featuring Barron Trump’s name and image also appears to have launched on the Solana blockchain in July 2024. The coin has a self-reported circulation of 42 quadrillion and a market cap of just over $133,000, though neither Barron Trump nor any other member. The Trump family has denied any connection to the token.
How well has Trump done?
The “Official Trump” token, or $TRUMP, quickly reached a $15 billion market cap Sunday — two days after its launch — before plummeting in value. MemeCoin fell more than 9% in the last 24 hours of trading to $35.73 as of Thursday afternoon, with a market cap of $7.1 billion.
How well has Melania done?
Melania Trump’s official meme token $Melania fell 27.5% to below $2.70 on Thursday, with a market cap of $474.4 million. After Sunday’s launch, the token has fallen nearly 47% since hitting a high of $5.09 on Monday.
Key background
Donald Trump announced the launch of his meme coin, $TRUMP, just days before his inauguration. The token, hosted on the Solana blockchain, is limited to a supply of 200 million coins at launch, before expanding to 1 billion over the next three years, according to Coin. Website. The Trump Organization — where Ivanka Trump once served as vice president — and its affiliates own the remaining tokens and will receive an undisclosed amount of revenue from trading activities. It has faced criticism from some members of the crypto industry for its token launch. Nick Carter, founding partner of crypto firm Castle Island Ventures said Politics The coin’s developer was “plumbing to new depths of idiocy with the MimeCoin launch.” An unnamed lobbyist told the outlet that the coin’s launch was a “horrific look” for the industry, which he said was “working to make the case that we are hucksters, scammers and fraudsters. are not a group.” Ryan Selkis, founder of crypto firm Messari, called for DONALD TRUMP WILL “Fire whoever recommended moving forward” with $MELANIA’s launch.
Why does Trump like crypto?
Donald Trump’s token has emerged as his latest push for the crypto industry, after claiming he wants the US to become the “crypto capital of the planet.” He said He would use executive powers to ease the regulatory burden faced by crypto firms and make cryptocurrencies a policy priority, allowing the federal government to establish a bitcoin reserve. He has presented himself as a more crypto-friendly chief executive than President Joe Biden, whose Securities and Exchange Commission has filed lawsuits against several major crypto firms alleging securities law violations.
Further reading
