For introducing a meme-coin while claiming he “doesn’t know much” about it, US President Donald Trump has come under fire.
Prior to his inauguration on Monday, the digital currency known as TRUMP surfaced on his social media pages and swiftly rose to the top of the cryptocurrency market. Within a day, a single coin’s value soared to $75, but it has since dropped to $39.
But industry insiders have widely criticized the introduction of the so-called meme-coin, a cryptocurrency that has no use beyond speculation or amusement.
“My belief that Trump is disparaging the business is supported by his remarks that he doesn’t know anything about the coin. It’s a stunt,” says Danny Scott, CEO of CoinCorner.
