President-elect Donald Trump has now found yet another way to convince his followers to throw their money his way — this time with a questionable cryptocurrency venture.Axios is reporting that the soon-to-be 47th president of the United States has rolled out a "meme coin" dubbed $TRUMP, which is bei...
  • tal@lemmy.todayEnglish
    0·
    6 months ago

    Axios is reporting that the soon-to-be 47th president of the United States has rolled out a “meme coin” dubbed $TRUMP, which is being billed as the “only official Trump meme.” According to Axios, $TRUMP has already accumulated a valuation of roughly $32 billion. And because the Trump Organization is keeping 80% of the coins, this means the president-elect and his businesses are roughly $25 billion richer as a result.

    80%. Hmm.

    https://www.axios.com/2025/01/19/trump-meme-coin-what-to-know

    Reserving 80% of the new supply for the team is an awful lot. It’s usually more like 10% to 30%.

    It’d be interesting to see who is buying.

    I mean, yeah, one possibility is that it’s supporters getting fleeced here, which is what the article is proposing.

    But I suppose, without having a lot of familiarity with the structure here, that it could also be a route to launder funds. Supposing I wanted to bribe the President to do something. If I buy this, most of that money is going to Trump’s pockets.

    • ikidd@lemmy.worldEnglish
      0·
      6 months ago

      This is blatantly a bribery scheme, with untraceability as a feature. Everyone knew it was coming, and there’s nothing to be done about it because the recipient now controls the Justice Dept, which is the only organization that’s likely to have the resources to trace the payments.

    • ArbiterXero@lemmy.world
      0·
      6 months ago

      Yep, it doesn’t feel like a pump n dump, but very public bribery.

      Hard to tell for sure, but it’s got a strange flavour to it.

      Time will tell.

      • jonne@infosec.pub
        0·
        6 months ago

        Eventually it’ll dump. I can’t imagine this coin having much utility post-Trump presidency, whenever and however that ends.

      • tal@lemmy.todayEnglish
        0·
        6 months ago

        I mean, I just don’t have the expertise to say on the legal/regulatory side. Someone who has a background in securities and has been following the cryptocurrency situation would probably be in a better position.

        I suppose that there will be people who do have such a background looking at it. The fact that it’s the President – who is in charge of the Executive Branch – and that most media that might be reporting on it has a partisan position makes this a lot more complicated.

        Still, wouldn’t be the first time that we’ve run into high-level graft in the Executive Branch. Dealt with it then.