A meme coin known as TrumpCoin has caught the eye of members of the Trump household—and they don’t seem to be amused. Donald Trump’s son, Eric Trump, right this moment tweeted that TrumpCoin has nothing to do with the Trump household, shouldn’t be licensed, and “authorized motion” shall be taken.
Fraud Alert: It has come to our consideration that somebody is selling a crypto foreign money known as “TrumpCoin” (Image “TRUMP.”) This has NOTHING to do with our household, we don’t authorize the use and we’re by no means affiliated with this group. Authorized motion shall be taken.
— Eric Trump (@EricTrump) January 24, 2022
On its web site, the TrumpCoin FAQ says it launched on February 20, 2016, to honor former President Donald Trump. It additionally calls itself the “#1 Patriot Cryptocurrency” on its Twitter account. The present market capitalization of TrumpCoin is round $1.5 million with a circulating provide of a bit of greater than 6.6 million cash, in response to information from CoinMarketCap. The coin at the moment has virtually no buying and selling quantity, although it did spike by greater than 350% right this moment, seemingly on account of Eric Trump’s tweet.
In response to the youthful Trump brother’s Tweet, TrumpCoin posted a screenshot of its FAQ:
“Trumpcoin.com shouldn’t be owned, operated, endorsed by, or in any other case affiliated with Donald J. Trump, The Trump Group, Donald J. Trump for President Inc, or every other group owned and/or operated by Donald J. Trump or any of his associates.”
TrumpCoin is not the one meme coin focusing on right-wing Trump supporters. Earlier this month, NASCAR rejected the sponsorship of a meme coin known as “LGBcoin.” The acronym “LGB” stands for “Let’s Go Brandon,” a phrase that has itself change into an web meme and used as a placeholder for “F*ck Joe Biden.”
What are meme cash and tokens?
A meme coin is a coin that has no inherent worth and infrequently no utility. Because the identify implies, these cryptocurrencies are predominantly—however not completely—themed round web memes. Dogecoin, for instance, is among the earliest meme cash and was for years mentioned to haven’t any inherent worth. Nonetheless, after billionaire Elon Musk turned its largest cheerleader, Dogecoin now finds itself among the many prime 10 cryptocurrencies with a market capitalization of $18.2 billion.
