Key Points:
- Donald Trump’s crypto platform, World Liberty Financial, acquired three new domains: trumpcoin.eth, erictrump.eth, and barrontrump.eth, hinting at potential new memecoin projects.
- Recent Trump meme coins, $TRUMP and $MELANIA, have sparked market attention, with $TRUMP peaking at $15 billion before dropping to $8 billion.
Donald Trump’s crypto platform, World Liberty Financial, has reportedly purchased three new domain names within the past 24 hours, fueling speculation about a possible expansion into the memecoin market. The newly acquired domains include trumpcoin.eth, erictrump.eth, and barrontrump.eth, raising questions about potential future projects tied to the Trump family.
Trump’s Crypto Platform Acquires New Meme Coin Domains
The domain acquisitions follow the recent launch of two meme coins by the Trump family. On Friday, Donald Trump introduced $TRUMP, a memecoin that reached a market value of $15 billion at its peak before briefly dropping below $8 billion over the weekend, according to data from CoinMarketCap. Melania Trump followed on Sunday with the launch of $MELANIA, which gained significant attention, partially overshadowing the earlier token.
However, several crypto industry leaders have criticised the Trump meme coins. Rob Hadick, general partner at crypto venture capital firm Dragonfly Capital, described the launches as a “blight” on the industry, arguing they undermine efforts to establish cryptocurrency as a serious and legitimate financial sector.
Criticism of Trump Family’s Memecoins
Quick Take
Memecoins, which are often associated with speculative value and high volatility, rely heavily on social media-driven trends, making them a divisive topic within the digital asset space.
Balaji Srinivasan, former CTO of Coinbase, expressed concerns about the inherent risks of meme coins, labelling them a “zero-sum lottery” where late investors often face significant losses.
Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital and a former Trump administration official, noted that “Launch of Melania coin is causing Trump coin to crash. Elon was right, we are living in a simulation. Which one of the kids coins will perform best? The day before inauguration as leader of free world and this is what Trump is focused on.”
Gabor Gurbacs, former director of digital-asset strategy at VanEck, criticized the Trump family’s ventures for damaging credibility, stating that the consequences of these projects “haven’t even started.” Gurbacs called on Donald Trump to reconsider his crypto advisers.
Despite the backlash, Trump has signaled his commitment to the cryptocurrency space so far. The president-elect plans to make crypto a national priority following his inauguration, with proposals such as establishing a national Bitcoin stockpile.
Trump’s previous forays into the digital asset sector include nonfungible token (NFT) collections and endorsements of crypto projects under the World Liberty Financial umbrella.
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