Wearing ball clothes, suits, and “Make Bitcoin great again” The baseball caps, a crowd of the strongest executives in the coded currency in the country, gathered a few buildings from the White House to attend a luxury party three days before the inauguration of President Trump, while roasting an incoming administration that pledged to strengthen the interests of industry.
Even Snooop Dogg joined the celebrations, presented Delivery “Do not stop stubborn”.
But the cryptocurrencies and billionaires were neglected by what happened next.
At 9 pm on January 17, with celebrations in full swing, Mr. Trump Declare On social media, he was launching a new encrypted currency-what is called Mimikoen known as $ Tram.
The sudden disclosure raised new ethics and legal concerns about the ways in which Mr. Trump continues to benefit from his strength and fame, in which case by marketing digital assets in a volatile and speculative market of millions of followers.
This has led to a wave of criticism from inside the industry he says he wants to slow down.
Crypto’s executive officials criticized this step as a cash seizure, saying that Mr. Trump has reduced the authenticity of the industry at the moment when supporters seek to obtain a more prominent place for digital currencies in the main financing and business.
They said that his project had created a very brief and spread bubble that was partially cleaned within a few days, as such as Trump The family and its commercial partners collected millions of dollars from the fees on Purchase and currency sales.
“This makes it seem corrupt and interested in,” Nick Carter, a voice supporter of Mr. Trump, who runs Kassel Island, said Casto Ball, as the new Trump coin was announced.
and analysis Through Crypto Tinensics, CHINALYSIS has shown that the majority of people who bought $ TROMP are likely to be irreversible and retained investors, and may wander around Crypto for the first time. The analysis said that these merchants “almost broke”, although more than 100,000 of them lost their money.
However, with one estimate, the launch of $ Trump I was born 58 million dollars as a fee for the Trump family in less than one day. From Friday night, the family also owns at least on paper, at a value of $ 23 billion at a value of $ TROMP at its price of $ 29 – already 60 percent of the peak. This price will be disrupted if the family has done the so -called carpet pulling and moved to sell it quickly from its property.
When asked about the launch of the currency on Tuesday at the White House, Mr. Trump said: “I don’t know much about it.”
But even after the opening, he continued to re -publish the festive announcement of the $ TROMP code – and it effectively urges more people to buy the currency after its price collapsed.
Ryan Silux, an encrypted businessman who was one of the first supporters of the president in this industry, said on social media. It will cost Trump administration “a lot of $ and goodwill.”
“Trump needs to launch an encoding consultant, from top to bottom and replace people who know what to do,” another encryption executive, Gabor Gurbacs, Books on x After the currency price decreases.
Memecoin’s launch was the first time that the Trump family has issued a digital currency that any investor could buy or sell on encryption exchanges. But the plan, one of Trump’s CEO, said that it originated from a previous effort organized by Bill Zanker in part, a serial pioneer and friend of Mr. Trump who previously sold rubbing, gym equipment and self -assistance courses.
Mr. Zanker and the Trump family began selling 99 dollars in digital trading cards in 2022, depicting Mr. Trump as a superhero with a coding coordination known as an explosive code, or NFT.
But NFTS, at least in theory, acts as a digital artwork or holdings, while the Trump icon is treated by buyers is like Gamestop, so -called MEM shares that many amateur traders have in recent years hoping to have a quick profit.
Mr. Trump was skeptical at one time at one time, and he embraced the industry on the campaign path last year, and promised to end the campaign of the Biden Organizational Administration Administration on the encryption companies.
“We will earn a lot of money for the country,” said Mr. Trump on Thursday.
It is a work in which Mr. Trump has a large personal share. In September, he and his sons helped start the World Liberty Financial, a company designed to facilitate borrowing and lending in digital currencies.
Since his electoral victory, Mr. Trump has made a series of employees ’choices in the organizational agencies that seem ready to help this industry.
In an interview on Friday, Eric Trump, the middle son of the president, refused to criticize the decision to release the distinctive symbols of Trump and questions about whether it was difficult for the Trump family to provide their digital currency while President Trump was appointing financial organizers.
He said: “The $ Trump and World Liberty Financial trading card is one of the most successful projects in the date of encryption.”
The encryption ball has been promoted as a celebration of the political success of the industry-a type of party that usually throws encryption lovers on yachts and beaches, just planted to a hall 15 minutes on foot from the White House.
It was also an opportunity for the senior executives for encryption to communicate with some of the most influential personalities in Washington. Farid Thil, CEO of Bitco Marethon Digital Holdings, spoke with Parliament Speaker Mike Johnson, who sent a text to President Trump directly before him. “Everyone has been pumped very pumped,” Mr. Thil said in an interview.
But it turned out that the most important procedure in the encryption market was taking place on social media. “Trump Mimi is here!” Mr. Trump wrote on the social truth and X as Sinop Doug theater took. “It is time to celebrate everything we offer: win!”
Digital currency supporters say they can grow to become a wide range of exchange used, allowing immediate wealth to transfer efficiently and especially, outside the traditional banking system. Memecoins, a type of digital currency based on a joke or celebrity amulet, is controversial in the world of encryption. They have no practical benefit and are often spread in pump and discharge plans or other fraud.
But traders who have good instincts can make quick profits – if they buy quickly with a high price and then sell their property before buyers are directed earlier.
Josh Billy, a coder in Austin, Texas, saw Mr. Trump’s announcement immediately after his publication. Initially, it was not sure if this was real. “The President of the United States launches Mimikoen,” said Mr. Billy. “I didn’t expect it.”
Soon the currency price was rising. Within a few hours, the total value of all $ TROMP in trading was more than $ 5 billion. Mr. Billy decided to put $ 12,000. By the time it was spent, TRVE had more than its value.
By Sunday morning, Mr. Trump’s currency was among the most valuable cryptocurrencies in the world, and his partnership holdings were worth more than $ 50 billion on paper. A commercial entity dominated by Trump and its partners has 80 percent of the coins and collected fees as the coins were traded.
Eric Trump, in the social media publication, praised the new investment “Morey Mimi on Earth.”
Indeed, though, the supporters of Mr. Trump’s encryption were growing. Many people who attended the encryption ball were effectively cut off from the opportunity to raise money, unable to buy the coin early enough to profit because they were outside the parties instead of the Internet.
“I have heated it legally,” said Mr. Carter. “Why don’t they announce the speakers?”
Then, Sunday afternoon, a post appeared Melania Trump X accountShe was launching her own mechanics, as she mainly established a competitor in the market. The price of $ TROMP decreased by 60 percent during the next day.
Suddenly, Hamas has turned to Mr. Trump into anger.
Justin Bones, CEO of encryption, He said “Nothing is more than holding stark money.” Another merchant He said “Gary Ginsner was currently missing,” referring to the head of the Securities Committee and the previous stock exchange, which filed many lawsuits against encryption companies.
The new Trump code has also quickly generated legal questions, focusing on whether it is security and must be subject to federal disclosure and registration requirements.
The symbols $ Melania “are digital holdings”, The family said as it is The offer announced, “It is not intended to be, or to be the subject of investment.” But trading patterns show that this was not how buyers dealt with these symbols – buy and sell them in most cases in an attempt to make money.
During the Biden administration, SEC under the leadership of Mr. Gensler adopted an aggressive position towards cryptocurrencies, on the pretext that the vast majority of them were the securities that should be organized closely.
In 2023, the Supreme Education Council The supporters of the NFT cartoon series are accused Stoner Cats to sell unregistered security after marketing the photos in a “reasonably pushing investors until they expect to benefit from administrative efforts and entrepreneurship” for supporters.
Alison Herne Lee, the former SEC Commissioner, said that during her mandate, the new Trump’s new coins would generate a review of employees to assess whether they were compliance with the law.
She said, “This analysis does not manage whether the promoters are safe.” “It turns into whether it is marketed as an investment, and this generally means that buyers will get a return based on the efforts of others.”
Democrats in Congress, including Senator Elizabeth Warren of Massachusetts, are already written A message to the federal organizers asking them to investigate the matter.
But opening such an investigation now will actually require the investigation of the President’s family, who just nominated the agency’s head – a lawyer in the field of securities with close relations with the encryption industry.
David Sachs, a capitalist of Trump’s project to oversee the technical policy of his administration, said this week that the currency was “like a baseball card or seal” and “completely good” for sale.
It is already clear that some buyers of the $ Trump code jumped very slowly and ended up losing money. During one series of professions, an investor spent an ANSEM pseudonym used $ 9 million in the encrypted currency to buy $ Trump before its value, then its value, then its value. Hold Two hours later, a loss of approximately $ 2 million, according to public transactions recorded for the first time by an account called Lookonchain.
However, during the next few days, the ANSEM account continued trading $ TROMP, as the records appear, perhaps in the hope of compensation for the loss.
