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Bloomberg: Trump's Cryptocurrencies Present a Challenge for the Market

NewsBox
21 January 2025, 11:37
Bloomberg: Trump's Cryptocurrencies Present a Challenge for the Market

The launch of meme coins by Donald Trump and his wife Melania has drawn criticism from experts and led to a surge in fraudulent websites, reports NewsBox.

The introduction of cryptocurrencies $TRUMP and $MELANIA, spearheaded by the elected U.S. President Donald Trump and his spouse Melania, has stirred significant discussion within the crypto industry. Bloomberg reported that this event has inflicted serious reputational damage on the digital assets market.

Rob Khadek, the General Partner at the venture company Dragonfly Capital, described this situation as an issue that the industry "will now have to address." According to him, the emergence of meme coins with political ties undermines trust in cryptocurrencies.

In the first 24 hours following the announcement, trading volume for $TRUMP exceeded $11 billion, and its market capitalization reached $10.5 billion. Currently, the price of a single token stands at $50.

Meanwhile, the Russian cybersecurity company F.A.C.C.T. reported the appearance of more than 10 fraudulent sites exploiting the popularity of the $TRUMP and $MELANIA tokens. Some of them use Melania Trump's cryptocurrency as a tool to deceive users.

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