President Trump Declares No Profits From Trump-Branded Meme Token
In a candid chat with NBC News' Kristen Welker, U.S. President Donald Trump revealed he hasn't taken a peek at the meme coin launched by his team around his inauguration. Known as Official Trump (TRUMP), the digital asset caused a storm on the internet shortly before he assumed office, skyrocketing to a high of over $70 within hours of its launch.
But Trump claimed he hasn't made a dime from it. However, multiple reports have indicated that the team behind the meme coin transferred substantial amounts of TRUMP to centralized exchanges recently, an action often taken to sell off the asset.
Launched in mid-January, the TRUMP coin soon became a global phenomenon, with its market cap scaling up rapidly, making it the third-largest meme coin in just a day. However, the release of Melania's token, coupled with Trump's controversial early days in office, led to a significant price drop. TRUMP plummeted from $70 to under $8 by mid-April.
To fire up interest again, the team announced that the top 220 holders would get a chance to dine with the POTUS at one of his golf establishments in DC. The announcement sent TRUMP's price soaring by almost 100% within a few days. Despite the volatility, Trump insisted to Welker that he's "not profiting from anything." When asked if he's not profiting from the cryptocurrency whatsoever, he replied, "If I own stock in something, and I do a good job, and the stock market goes up, I guess I'm profiting."
Transparency is one of blockchain's strongest qualities. Unfortunately, it appears that some TRUMP coin team members may have transferred large quantities of the asset to centralized exchanges, potentially to sell it off when the price spiked. These Coincidental occurrences have led some to allege that the team is cashing in on the investment a bit too closely for comfort.
With the U.S. Senators Adam Schiff and Elizabeth Warren demanding an investigation by the Office of Government Ethics, the controversy surrounding Official Trump and Donald Trump's financial dealings continues to swirl. Some fear that these events could violate federal ethics laws, bribery statutes, and even the emoluments clause of the U.S. Constitution. Advocacy groups like Accountable.US have expressed concerns over self-enrichment schemes and its potential impact on public interest. However, no official investigation has been launched as of yet.
- Despite President Trump's claims, reports suggest that the team behind the meme coin, Official Trump (TRUMP), transferred substantial amounts to centralized exchanges, raising questions about potential selling.
- The TRUMP coin, launched around Trump's inauguration, caused a digital storm, skyrocketing to over $70 within hours of its launch.
- Trading in crypto exchanges such as Binance saw a surge when the TRUMP coin was released, but crashes were not uncommon, with the coin plummeting from $70 to under $8 by mid-April.
- Trump's rival political figures, like U.S. Senators Adam Schiff and Elizabeth Warren, have demanded an investigation by the Office of Government Ethics over the controversy surrounding Official Trump and Trump's financial dealings.
- The team's promise of big-wins, offering the top 220 holders a chance to dine with Trump at one of his golf establishments, briefly revived the crypto's price.
- The crypto market, which includes meme coins like TRUMP, is closely intertwined with gambling trends, casino-and-gambling, casino-games, lotteries, and even Las Vegas, adding a layer of volatility and uncertainty.
- The crypto world, like the casino culture, is often associated with policy-and-legislation, crime-and-justice, and responsible-gambling debates, given its potential for both huge profits and losses.
- The controversy surrounding Official Trump has drawn parallels with other high-profile figures in the casino-personalities world, where allegations of self-enrichment schemes and violations of federal ethics laws have surfaced.
- War-and-conflicts, like those in Casinos, are not uncommon in the world of crypto trading, with prices often sensitive to general-news and political events, like Trump's initial days in office that led to a significant price drop for TRUMP.
- Poker, a popular game in casinos, shares similarities with crypto trading, both involving elements of risk, strategy, and the potential for big wins, but also the possibility of losses.
- As the TRUMP coin controversy continues to unfold, it serves as a reminder of the importance of transparency in policy-and-legislation and McU about the intersection of politics, crypto, and gambling culture.
