Donald Trump and his team were accused of running a “pump and dump scheme”. The accusation comes after the back-to-back memecoin launches they made.
According to Cointelegraph, the launch added billions of dollars to the net worths of the incoming US president and first lady. This raised chaos among people, accusing Trump of ‘being greedy.’ Here’s a detailed look at what raged this conundrum.
Is Trump going ‘gaga over crypto’?
Just a day after Trump launched its self-branded Official Trump (TRUMP). The token soared to a $15 billion market cap. After ‘TRUMP’ Trump’s wife Melania also launched a self-titled memecoin of her own. Named as ‘MELANIA’, the memecoin was launched. The reaction? Millions of commentators made accusations against the family of ‘unseemly behavior.’
Reportedly the TRUMP token saw a decrease due to the chaos. It fell down to about 38% in the hours after his wife’s token launched. However, MELANIA hit a peak value. The price of the newly launched memecoin crossed over $13 billion within four hours after its January 19 launch.
Industry reacts
On January 19, just following the launch of Mrs. Trump’s token, “You were right if you thought the smashing success of $TRUMP would make Trump greedy,” Jim Bianco, Bianco Research president said.
Furthermore, Bianco also added, “He tried to double down with a $MELANIA, but the market thinks it is a form of dilution and assumes/fears that Trump has tons of other coins in the wings to come.”
Also, Financial analyst Michael A. Gayed disliked the entire happening. He said on X that Trump’s credibility has been “totally destroyed,” . he further described TRUMP of someone being a part of a “pump and dump” scheme.
