Crypto leaders worry Trump’s meme coin is undermining their credibility

• Donald Trump’s meme coin is under fire from both cryptocurrency champions and skeptics.

• One crypto fan labeled $TRUMP “embarrassing” and the opposite of what the industry wanted.

• Bitcoin surged to a record high on Monday above $109,000 amid the crypto fever.

Bitcoin surged to a new high ahead of Donald Trump‘s inauguration on Monday, while his new meme coin is making crypto champions and fans cry foul, saying it’s a mockery of serious tokens.

The biggest crypto token rose more than 5% above $109,000 before slipping back above $105,500. Bitcoin has soared about 50% since Trump’s election victory in November.

Meanwhile, $TRUMP or “TrumpCoin” surged more than tenfold following its Friday release to more than $75 at its Sunday peak.

The new token slid to about $54 on Monday, but its market value still exceeded $10 billion.

That’s despite the official website’s disclaimer that $TRUMP is “not intended to be … an investment opportunity, investment contract, or security of any type.”

Trump’s wife, Melania, launched her own meme coin on Sunday. It was the top trending token on CoinMarketCap early Monday, ahead of bitcoin, ether, $TRUMP, and XRP.

The incoming president has warmed up to crypto in recent months and signaled he will ease restrictions on the industry during his second term.

Donald Trump’s net worth rose almost $700 million to $7.16 billion, per the Bloomberg Billionaires Index on Sunday.

GetTrumpMemes.com didn’t immediately respond to a request for comment from Business Insider.

Here are some of the reactions from crypto fans and foes to $TRUMP, sourced from emailed notes and posts on X and Bluesky:

“Reminder: Don’t invest in hype. It doesn’t accumulate value over time. #Trumpcoin”

“Trump coin is embarrassing. It is the opposite of what you voted for.”

“Trumpcoin is stupid and embarrassing. Trumpcoin is a signal of sea change in US fintech policy towards much more permissive innovation. Both are true.”

“Trump needs to fire his crypto advisors, from top to bottom and replace with people who know what they are doing. The memecoins cost the US, the presidency and his family a lot of credibility and the consequences haven’t even started.”

“Most dangerous thing for country about Trump coin is what comes next. Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks. Every favor – geopolitical, corporate or personal – is now on sale, right out in the open.”

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“Launch of Melania coin is causing Trump coin to crash. Elon was right, we are living in a simulation. Which one of the kids coins will perform best? The day before inauguration as leader of free world and this is what Trump is focused on. Tells you everything you need to know.”

Scaramucci briefly served in the first Trump White House and became a vocal critic of the new president, but recently told Business Insider that his second term would produce “a better outcome.”

“The Euphoria I have mentioned into the BlowOffTop – is now developing. Look no further than to #Trumpcoin. It as ZERO value – yet has rallied several 1000X. It is a Bubble – and it will Crash horrendously! But for now the Music plays ….. and we still got some months to go in Crypto.”

“The TrumpCoin is the democratization of kleptocracy.”

“Likely conversation (speculation). Putin (to Trump): ‘We’re thinking about (aggressively) purchasing $10b of TrumpCoin this week. Also, please cease arm shipments to Ukraine.’ “Congress has been for sale a while. Now the world is for sale.”

“This is a revival of the meme coin trend we saw in 2021 and 2022, where many young, inexperienced investors got burned by extreme volatility. Without doubt, investors will get burned by this frenzy too.

“Understand the real risks to your money. This is not the same as investing in sound assets. Gambling is not the same as investing.”

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