The recently launched $TRUMP memecoin, released by US President-elect Donald Trump just days before his Monday inauguration, is making waves — not just in the crypto world but also in his financial portfolio. The digital token now reportedly constitutes 89% of Trump’s net worth.
“After another massive overnight surge, Trump’s crypto holdings are valued at a staggering $58 billion on paper. Combined with his other assets, this positions him among the world’s 25 richest individuals,” reported Axios.
According to a detailed breakdown by Axios, $TRUMP accounts for $56.6 billion, with an additional $4.6 billion tied to DJT stocks and $2.6 billion in other assets, bringing his total estimated net worth to $63.8 billion.
However, according to Forbes Trump’s real-time net worth is at $6.7 billion, ranking him as the 472nd wealthiest person globally.
While some hail the $TRUMP token as a savvy financial maneuver, others caution against its unpredictable future, especially as Trump continues to break traditional norms with his bold ventures.
What is $TRUMP memecoin?
The coin, emblazoned with Trump’s image and the slogan “FIGHT FIGHT FIGHT”, references his resilience following the assassination attempt on him during a July rally. Marketed as a “celebration of winning”, the tokens are described on their website as symbols of support rather than investment opportunities. Despite this disclaimer, speculative trading pushed the coin’s value from an initial $10 to a peak of $70 over the weekend.
Adding to the frenzy, First Lady-to-be Melania Trump debuted her own meme coin on Sunday, leading to fluctuations in both tokens’ values. While Trump’s coin saw a sharp dip, Melania’s launched at $5, drawing significant attention.
Meme coins, known for their volatile nature, often start as jokes but can generate immense profits if they capture public interest. While proponents in the crypto industry hailed Trump’s venture as “savvy,” critics see it as a glaring ethical concern.
Ethical alarm bells
Trump’s latest foray into cryptocurrency has drawn sharp criticism from government watchdogs and ethics officials. They argue that such ventures blur the lines between Trump’s political power and his business interests, raising serious concerns about conflicts of interest.
For months, Trump has resisted calls to divest his assets to avoid potential conflicts as he re-enters the White House. His extensive business holdings—spanning real estate, media, and foreign investments—are under scrutiny, with his $3.76 billion stake in Trump Media & Technology Group and involvement in the cryptocurrency industry adding fuel to the fire.
“This is yet another glaring example of how Trump is profiting from his political stature,” said a representative from a government ethics group.
While supporters see the meme coin as a bold and innovative way to engage with Trump’s base, detractors argue it’s an exploitation of public trust. The lack of financial safeguards and the inherently speculative nature of meme coins make them fertile ground for scams, as seen in similar ventures like Dogecoin.