- Kiyosaki warns that memecoins like TRUMP undermine crypto’s future potential.
- TRUMP coin experienced a 30,000% rise followed by a significant market correction.
- TRUMP’s structure raises concerns over manipulation due to its centralized supply.
Donald Trump’s introduction of the TRUMP memecoin has raised eyebrows across the cryptocurrency landscape. Initially launched on the Solana blockchain, the token saw a remarkable surge of 30,000% before experiencing a sharp decline.
Despite its rapid rise, the coin’s speculative nature has led to skepticism, particularly from well-known financial author Robert Kiyosaki.
Kiyosaki, renowned for promoting tangible assets such as gold, silver, and Bitcoin, voiced his concerns about the growing trend of speculative assets like memecoins. He suggested that such ventures could undermine the core potential of cryptocurrency as a legitimate financial tool.
According to Kiyosaki, the shift towards these high-risk, short-term assets deviates from the fundamental value cryptocurrencies were originally intended to represent.
TRUMP Memecoin’s Volatile Performance
After its debut, TRUMP reached an impressive peak of $75 per coin but soon fell to $40 as the market corrected. The drop coincided with a shift in investor interest in MELANIA, a memecoin associated with Melania Trump. Despite this, TRUMP’s brief recovery was aided by platforms like Robinhood and KuCoin, which chose to list the token.
The structure of the TRUMP coin has sparked significant debate, mainly due to reports that Trump’s wallet controls 80% of the total supply. Furthermore, the absence of a lockup period has led to worries over potential market manipulation. These issues have divided opinions on whether such speculative tokens benefit or harm the broader cryptocurrency ecosystem.
Trump’s Promises to Support Crypto
As Trump prepares to take office again, his statements suggesting support for cryptocurrency have added a layer of complexity to the discussion. While some view his actions as a potential boon for the crypto industry, critics worry that initiatives like TRUMP could tarnish the sector’s long-term credibility.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
