Coinbase Chief Legal Officer Paul Grewal explained on “The Big Money Show” why the crypto exchange donated $25 million to remove anti-crypto politicians from Congress.
Is Donald Trump trying to gain more favor from the $2.5 trillion crypto industry with the launch of a new crypto token called “TrumpCoin”?
Crypto industry insiders say this has become a hot topic as Trump ramps up his campaign for the November presidential elections, with industry experts trying to unravel the origins of the so-called meme token, registered on the Solana blockchain platform under the symbol “DJT” and nicknamed “TrumpCoin.”
DJT is, of course, the stock of Donald Trump's social media platform “Truth Social.” The stock itself has been a popular meme stock since it went public in March, with DJT's stock trading at a high of $79.38. Currently, the stock is trading at around $35.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| David | Trump Media & Technology Group, Inc. | 17.97 | +1.90 |
+11.79% |
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Similar to meme stocks, meme tokens are inspired by external factors such as internet trends or pop culture references. Some of the most famous meme coins, such as Dogecoin and Shiba Inu, were originally created as jokes, but their popularity and cult following has accelerated the market capitalization of meme coins to a staggering $50 billion.
By launching on the Solana blockchain, TrumpCoin joins other popular Solana-based meme coin projects, including Dogwifhat, a token linked to the meme of a dog in a pink knit hat; Jeo Boden, a caricature of President Biden; and Mother Iggy, a meme coin launched last month by Australian rapper Iggy Azalea.
The token began trading on Solana this evening and has a market cap of $73 million at press time, according to blockchain research firm SolScan.
FOX Business could not confirm whether the token has any direct or indirect ties to President Trump, but industry sources said people with ties to the former president have been discussing issuing a digital coin for at least two months.
According to a page created for the deal reviewed by FOX Business, industry experts are trying to unravel the origins of the so-called meme token, which is registered on the Solana blockchain platform under the symbol “DJT” and nickname “TrumpCoin.” (Anna Moneymaker/Getty Images)
A spokesman for the Trump campaign did not respond to a request for comment. A spokesman for Truth Social also did not return calls seeking comment.
Asked to comment on the launch of TrumpCoin, former Republican presidential candidate and advisor to President Trump Vivek Ramaswamy directed FOX Business at the Trump campaign, saying, “I'm also pleased that President Trump and his campaign are leaning into and embracing cryptocurrency. He's ahead of his time. Embracing cryptocurrency will allow Trump to continue to win over libertarians and atypical Republicans. This is a win-win issue.”
TrumpCoin is the latest in a handful of meme coins inspired by political candidates this election cycle. Other non-Trump-related meme tokens are also trading on the crypto markets, including one trading under the MAGA symbol, a cartoon of Trump and the slogan “Make America Great Again” against the American flag.
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“MAGA” Coin, operating under the ticker TRUMP, is currently the most popular political meme coin, trading at just over $9 with a market cap of over $400 million at the time of writing. Following news of the launch of TrumpCoin, the token's price dropped.
Another Trump-inspired meme coin, trading under the letters TROG and featuring a cartoon frog wearing a MAGA hat, is much smaller than MAGA but has a market cap of $7.38 million, which fell on the news of the TrumpCoin launch.
These represent the cryptocurrencies Bitcoin, Ethereum, and Dogecoin. (REUTERS/Dado Ruvic/File)
Neither MAGA nor TROG are directly affiliated with Trump, his various business ventures, or his 2024 presidential campaign. However, blockchain research firm Arcam Intelligence reports that Trump owns a significant number of MAGA and TROG tokens gifted to him by the token creators. While Trump himself is not familiar with cryptocurrencies, he has been dipping his toes into the industry as a potential source of voter recruitment as the November election approaches.
According to Coinbase research, approximately 52 million Americans use cryptocurrencies, and they are becoming increasingly politically active through their efforts to elect crypto-friendly politicians to Congress. One such candidate is cryptocurrency lawyer John Deaton, who is currently running as a Republican candidate to unseat Elizabeth Warren, the Democratic Senator from Massachusetts who is well known for being anti-cryptocurrency.
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Trump is estimated to have a net worth of $6 billion, but according to Arkham Intelligence, he currently has a cryptocurrency portfolio worth around $6 million amassed from a variety of sources, including his NFT collection, as well as holdings of MAGA Coin and TROG Coin.
The crypto vote could be crucial in the upcoming presidential election, some analysts say. Many industry players consider themselves single-issue voters, meaning they will vote solely based on which candidate they perceive as most crypto-friendly, regardless of other political views, industry sources told FOX Business.
Trump is targeting these voters with the help of his advisers, including Ramaswamy, an entrepreneur and crypto enthusiast who has been advising Trump on digital asset policy.
