Ancient Donald Trump Aide Anthony Scaramucci on Saturday called the price of the president-elect’s coins “corruption” as the cryptocurrency’s market cap rises.
News week contacted the Trump transition team by email for comment Saturday morning.
Why it matters
Trump announced in a Truth Social article on Friday the launch of his new official meme coin “$TRUMP” to celebrate “WINNER.” Since the launch of the meme coin, the response from the cryptocurrency market has been considerable. According to Binance, the coin’s price continues to climb after the announcement, rising from $0.18 to an actual price of $22.94, with $TRUMP currently standing with a 24-hour trading volume of 5.77 billion of dollars. This represents an increase of 253.75% in the last 24 hours with a current market cap of $4.59 billion.
Since Trump’s announcement, critics including Scaramucci have taken aim at his new venture, which saw Solana (SOL) expand the coin, creating 200 million tokens for its launch, although the overall supply will reach 1 billion over the course of of the next three years. The criticism comes after Trump continued to use his image and status, particularly during his 2024 presidential campaign, to sell a wide range of items.
What you need to know
“My NEW official Trump meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump community. GET YOUR $TRUMP NOW,” Trump wrote on Truth Social alongside a graphic of himself on the coin with the words “fight, fight, fight” along with the website link to purchase it.
In a Saturday post on X, formerly TwitterScaramucci, who served as Trump’s White House communications director for 10 days in July 2017 and also became a Trump critic, responded to the president-elect’s meme by calling it “corrupt” and “bad for the country.” ‘industry “.
“Trump memes are bad for the industry. Don’t be under any illusions. This is Idi Amin level corruption,” he wrote.
Scaramucci’s message referred to Idi Amin, a Ugandan dictator who reigned as the third president of Uganda and was ousted in 1979 after years of corruption and gross economic mismanagement.
According to Coinbase, although meme coins are cryptocurrencies often inspired by memes or internet trends, they are also generally considered risky and volatile trading assets.
“Engaging with meme coins carries risks and is something you should only attempt with research and experience,” Coinbase writes on its website.
However, according to Coinbase, the visibility of meme coins has increased in recent years, largely due to the support of high-profile figures and the role of meme coins in digital culture.
This isn’t the first time Trump has used photos of himself to sell various items. These included digital trading cards depicting him as a superhero, $399 gold high-top sneakers, $100 “MAGADonalds” t-shirts and even “God Save America” Bibles for $60which would have earned him $300,000 in total. In September, “TRUMP Watches” were launched, with Trump asking his supporters to spend at least $499 to join the “President Trump Watch Community.”
The increase in goods has also drawn criticism because Mary Trumpthe ex-niece of the president-elect, accused his uncle in November of “fraud” during the holiday season as she condemned his use of selling merchandise affiliated with him.
Although it is unclear how much Trump earns from all products and business ventures, as some are collaborations with other brands, as of 2023, it has been reported that Trump has earned between $100,000 and $1 million for a series of digital trading cards, which he reissued in 2024 for $99 each as a new “America First Collection”.
Scott Olson/Getty Images
What people say
Aaron Rupar, an independent journalist and prominent Trump critic, wrote on X: “President-elect launches fake financial scam two days before taking office.”
Ben Meiselas, co-founder of MeidasTouch, wrote on X: “Instead of lowering prices or ending the war in Ukraine, Trump is selling ‘meme coins’ right before the inauguration. He doesn’t care about our country. The world doesn’t care about us.”
Mary Trump said in a YouTube video posted on November 27: “…Donald and his pals are back with their favorite family tradition. Let’s move on to the side hustle they’re starting to call “the shadow economy.” For those unfamiliar with the shadow economy, It’s a MAGA marketplace where conservatives sell products to their supporters promising them freedom for a price.”
What happens next
The meme coin’s launch comes as Trump will be inaugurated as the next president on Monday.