Trump VS TrumpCoin
Cryptocurrency is getting fans and supporters from all over the world every single day...From anonymous individuals to high-profile corporations, Bitcoin is clearly on its way to mass adoption. However, it's not all sunshine and rainbow, and crypto has also its fair share of opponents and critics, and if you're following the news, you certainly know that the former US President Donald Trump was one of those
In 2019, when the bull market was just starting to get momentum, Donald Trump tweeted the following:
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity [source]
Well...as much as I disagree with his statement, many Trump supporters are also in favor of cryptocurrency!
Indeed, a bunch of them (Trump supporters) launched in 2016 a meme cryptocurrency labeled "TrumpCoin" with the sole purpose of "honoring Donald Trump"
Like most "meme coins" out there, "TrumpCoin" has no inherent value and no utility at all. The only incentive it provides for investors is to show their love for Trump! Unlike other meme coins though, "TrumpCoin" has been operating actively for almost 6 years!
Anyhow, it seems to have finally managed to get the attention of the Trump family who was not so happy with it
On Jan 24, Eric Trump tweeted:
Fraud Alert: It has come to our attention that someone is promoting a crypto currency called "TrumpCoin" (Symbol "TRUMP.") This has NOTHING to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken. source
Did "TrumpCoin" impersonate the Trump name for marketing purposes?
The answer is clearly YES! but it's quite common thing within the crypto space, doubly so within the "meme coin space". It is also something that is clearly stated on the FAQ section of TrumpCoin website...
"Trumpcoin.com is not owned, operated, endorsed by, or otherwise affiliated with Donald J. Trump, The Trump Organization, Donald J. Trump for President Inc, or any other organization owned and/or operated by Donald J. Trump or any of his affiliates."source
Here is a snapshot of their FAQ section:
The most cynical thing is that "TrumpCoin" actually benefited from Eric Trump's tweet and the price of the token ironically rised by a whopping 50% during the last few hours whilst the rest of the crypto market is bleeding. It's now hovering around the $0.25 level at the time writing...
Well... I think there is no need to warn about meme coin space. Those types of cryptocurrencies usually tend to be nothing but rug pulls which try to get the attention of unsuspecting and naive investors with glamorous or stolen brands...most of us still remember the SQUID game token which came out a few months ago, attracted hundreds of thousands of naive investors, skyrocketed to $3000 level, and then crashed down to less than a cent in a matter of a minute...
If we were to draw parallels both SQUD and Trump tokens are using impersonated brands for marketing and promoting purposes. If there is a difference, however, is that the Trump coin team clarified from the start that they don't belong to the former president Donald Trump in any way, though their use of Trump name is the only selling point they provide to investors!
A few hours after Eric Trump's threat of taking "legal action", the Trumpcoin account on Twitter posted a series of tweets saying that the team behind Trumpcoin is in "direct communication with Eric Trump" and "using this opportunity to bring clarity to the purpose the cryptocurrency."
Yesterday 1/24/2022: Eric Trump tweeted about our amazing cryptocurrency project. We are currently in direct communication with him and using this opportunity to bring clarity to our purpose as a cryptocurrency.We want to assure anyone looking at this that we are not "frauds." We trade openly and freely on many cryptocurrency exchanges listed on our website. source
I wonder what would happen to the price of Trumpcoin if some kind of agreement was reached with the Trump family. Something telling me this is really possible if they share the supply pie and then promote the token. Maybe, Eric Trump wants to do with "Trumpcoin" what Elon Musk is doing with Dogecoin. Now, This is just mere speculation of my part but looking at how "influencers" are dealing with meme coins nowadays, it really feels that way😉
Personally, I don't have much of a risk appetite to invest a single dollar in such a token but I always have much apptite to keep watching 🤓
What do you guys think about Trumpcoin?
I'm keen to read your opinions and thoughts...
Hello @qsyal
Meme coins abound, I know many people have made money, as a result of a lucky break, with one of these coins however, it is quite risky.
But this coin with the name of someone famous, I honestly think it could make a big splash if promoted by that wealthy family, but, all remains to be seen.
Indeed, I threw a few dollars into some random "meme coins" during the last bull market, and yes I made some sweety profits doing so...but as you said it is so risky, and given that it is a bear market right now that risk becomes greater...
Thanks for stopping by :))
Hi @qsyal
At first this idea seemed to me to be full of irony, but as time has gone by I have come to understand that in the cryptocurrency world fanatics are also a fundamental part of the crypto market, it may prove advantageous to buy some TrumpCoin lol.
Best regards, be well.
Well...it would probably be if we were in a bull market. But seeing all that red spreading, I don't have much of a risk appetite to invest in a meme coin ;)
Thanks for reading and for continuous support :))
I did not know about this meme coin but this time when we have bunch of mean coins it is not a surprise to have something called Trump coin and I hope they will be many more in coming months and years because in Crypto a trend is always followed with more amount of action. Nice post
There are thousands of valueless meme coins out there already, and I guess more to come in the coming bull run. It only takes a few codes to create a cryptocurrency after all
Thanks for reading
Greetings @qsyal, just as there are good projects, there are others that, from my point of view, are a waste of time and can lead to a waste of resources.
As investors we must be vigilant and not place our money in this type of project.
Greetings