Trump’s Token Sinks Doge, Pepe, Fartcoin, Floki, Dogwifhat
Trump’s token is the key reason the meme market is ugly. Most major meme coins have been down since the TRUMP token introduction.
DOGE has dropped more than 15 percent, from its monthly high and struggles at 36 cents.
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Other noteworthy meme coins have also experienced a more severe decline today, with Fartcoin (FARTCOIN) dropping 19 percent after soaring to an all-time high price on Sunday, Dogwifhat (WIF) down 12 percent, Floki (FLOKI) down 10 percent, and Pepe (PEPE) down 9%.
The price of TRUMP has dropped 33 percent today, to around $35, and has maintained a bearish run since the unexpected release of an official Melania Trump token linked to Donald’s wife on Sunday.
President Donald Trump’s token just before his inauguration on Monday raises new questions about conflict of interest. Trump has promised to give his kids control over his assets, however, the cryptocurrency asset caused special worry because it can easily draw billions of dollars in speculative capital with little transparency.
The businesses that created the “meme coins” for First Lady Melania Trump, $TRUMP and $MELANIA, claimed an “expression of support” rather than securities or investments.
Trump has introduced several products, including sneakers, a Bible, and non-fungible tokens bearing his name.
According to industry experts and ethics advisors, this investment is unique since Trump’s administration will regulate an industry in which Trump has a direct interest and where any value is arguably linked to his presidency.
Eighty percent of the tokens are owned by the companies that created the Trump token, CIC Digital LLC, an affiliate of the Trump Organization, and Fight Fight Fight LLC, which is also co-owned by CIC Digital. This means businesses associated with Trump could have made at least $6 billion in cryptocurrency over the weekend.
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