Trump's meme coin sparks conversations about regulation and risk in crypto
Donald Trump's meme coin ran hotter than any cryptocurrency before it. Some in the industry think it's a new beginning — but others say it's a distraction.
As Donald Trump’s second-term swearing-in ceremony drew to a close, presiding pastor Lorenzo Sewell invoked Martin Luther King Jr. with a thundering “let freedom ring” benediction.
After the ceremony, the pastor released a new cryptocurrency and published a video on X encouraging people to buy.
This moment encapsulates the world that was ushered in by the new president on Saturday, just two days before resuming office, when he launched his own Trump coin. Even by the volatile standards of cryptocurrency, the token’s performance in its first 48 hours was unprecedented.
The Trump cryptocurrency is a “meme coin” — a category of cryptocurrency that serves no tangible function beyond speculation. Unlike decentralised finance tokens that enable staking or represent digital currencies, meme coins are pure bets on hype. The most famous example is Dogecoin, which launched 12 years ago and now boasts a market cap of around USD60 billion ($95.9 billion).
