It was a surprising occasion on Friday evening that nobody anticipated.
Three days earlier than his second inauguration final January, President Donald Trump’s social media accounts President Trump official (enjoying playing cards), Solana-based on identical nook One which bears his identify and political model.
token jumped off Inside hours, the market cap reached $10 billion, peaking at $73, and despatched degen merchants right into a frenzy, triggering over 8 million requests per minute and overwhelming Phantom Pockets’s infrastructure.
One 12 months has handed since then. enjoying playing cards The token is buying and selling at just below $5, down about 93% from its all-time excessive and has a market capitalization of greater than $987 million, in line with CoinGecko. information.
as enjoying playing cards Trump’s household has continued to run a number of cryptocurrency ventures throughout his presidency, and Democrats are more and more citing his private enrichment as a motive to dam digital asset reform.
“Trump’s memecoin launch is doing extra hurt than good to the business,” stated Peter Chan, head of analysis at Singapore-based Presto Labs. “Trump’s political opponents have cited his private achieve from memecoin launches as a motive to dam or delay the crypto legislative course of.” decryption. “It is an pointless distraction.”
President Trump’s digital forex dispute dominant argument It additionally delayed passage of the stablecoin GENIUS Act.
In Might, Rep. Maxine Waters (D-Calif.) led a Democratic walkout over “Trump’s crypto corruption” in an effort to drive divestment language into the invoice.
Crypto connection
The President’s Cryptocurrency Connection Begins With Meme Coin world liberty monetary And that 1 greenback stablecoin.
His household’s crypto empire shortly grew to incorporate way more. billion greenback revenuestated his son Eric Trump. monetary occasions In October, he stated the quantity was “most likely increased.”
Final Might, Rep. Waters launched “Cease it” enjoying playing cards The Cryptography Act of 2025 goals to focus on the president’s capacity to revenue from digital property whereas in workplace.
That very same month, the president held a gathering. secret room dinner For the highest 220 folks enjoying playing cards Holders embody Tron founder Justin Solar, who purchased greater than $22 million in inventory (reporting prohibited) enjoying playing cards and invested tens of thousands and thousands of {dollars} freedom of the world.
Sen. Elizabeth Warren (D-Mass.) known as the dinner an “orgy of corruption” at a press convention as lots of of protesters gathered outdoors the venue.
World Liberty Monetary is beneath related scrutiny, and the Trump household’s WLFI inventory has elevated their web value by 5,000 occasions. over $6 billion since buying and selling began. President Trump disclosed $57.3 million in proceeds in June, however lawmakers known as it “blatant corruption” and Sen. Warren labeled $2 billion in UAE investments tied to the undertaking’s stablecoin. 1 greenback “It smells shady.”
decryption The White Home has been contacted for remark.
